And the crowd goes wild…CNBC, and the media continues to ignore reality. What does it mean – From 30,000 feet it looks like our stupidity is only matched by our absurdity. Eleven out of the last thirteen job reports released by the Bureau of Labor Statistics (BLS) have been revised down. While the markets cheered the 275,000 new reported by the BLS and beat the census of 200,000. They completely overlooked that the January nonfarm payrolls were revised down to 229,000 from 353,000. That is down to 124,000 in January and the December nonfarm payrolls revised to 290,000 from 333,000 down 43,000. Taking a deeper look at the data, it is akin to drinking milk that is 6 weeks past its expiration date. In no way am I suggesting a conspiracy by the unelected self-serving crowd of DC bureaucrats, but something just does not add up. We have witnessed the last 11 out of 13 job reports revised down by an average of over 30,000 jobs. It must be the “new math”. After reviewing the report in its entirety, it is easy to see that the job market is not nearly as strong as the top line payroll readings suggest. Without going too deep, all you have to look at are the monthly revisions. According to the latest report, payrolls in December and January were revised down by a total of 167,000, meaning February was just 108,000 above the original January level. Subtract a bloated government, it was even worse in the private sector, where payroll gains were a paltry 19,000 for the month after netting out revisions for prior months. Remember folks, the government does not create wealth and relies on you, the taxpayer, to pay the bills.

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