{"id":57138,"date":"2024-11-03T07:05:55","date_gmt":"2024-11-03T12:05:55","guid":{"rendered":"https:\/\/www.rightwinggranny.com\/?p=57138"},"modified":"2024-11-03T07:05:55","modified_gmt":"2024-11-03T12:05:55","slug":"learning-from-the-past","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=57138","title":{"rendered":"Learning From The Past"},"content":{"rendered":"

On Friday, The Daily Caller<\/a> posted an article about the latest economic numbers released by the Biden administration. On the surface, they look wonderful. At closer examination, not so much.<\/p>\n

The article reports:<\/p>\n

The economy expanded by 2.8% from July to September, according to Commerce Department figures. The growth is said to be driven by consumer spending, also up 3.7% during this time. Job gains actually slowed<\/a> to the lowest point since 2020, a sharp decline from 254,000 in September to just 12,000 in October, according to data from the U.S. Bureau of Labor Statistics (BLS). Yet the regime has plenty of excuses \u2014 storms and strikes \u2014 and touts how the unemployment rate remains unchanged at 4.1%. Meanwhile the inflation rate is approaching the Federal Reserve\u2019s target, meaning it could lower interest rates as soon as next week. All told, things are looking alright \u2014 at least on the surface.<\/strong><\/p>\n

\u201cConsumers are spending. Inflation is cooling. And the U.S. economy looks as strong as ever,\u201d The New York Times<\/a> giddily ledes with.<\/strong><\/p>\n

When the corporate media and financial regulators are on the same page, there\u2019s always an instinctual reason to be distrustful. During the Biden-Harris administration, all the Very Smart People running the U.S. economy have made a habit of quietly revising their optimistic numbers after they come out. After all, it\u2019s only the initial headlines that count.<\/strong><\/p>\n

The article includes the following screenshot:<\/p>\n

\"\"<\/a><\/p>\n

There’s some history here–in the Biden administration (and possibly in previous administrations), the initial numbers are not always accurate.<\/p>\n

The article concludes:<\/p>\n

This might even be an understatement; the downward revisions on jobs numbers have been nothing short of egregious this year. The revised figures between Q1 2023 and Q1 2024 showed there were 818,000 fewer jobs added than initially reported. But the new figures did not trickle out until August 2024, at which point it was safe for CNN to admit that job growth was \u201cfar weaker<\/a>\u201d than many thought. The pattern has continued<\/a> throughout the year as well, with the last two months\u2019 figures being revised significantly downward after their initial release. August figures were revised down by more than half, from a gain of 159,000 to just 78,000. September was less drastic, but still dropped by 31,000 jobs after revision. With just a measly 12,000 jobs added last month, there\u2019s hardly any room to revise without the figure turning negative. Only time will tell.<\/strong><\/p>\n

Downward revisions are also an issue in growth figures, albeit to a lesser degree. Already poor Q1 2024 growth rates of 1.6% were quietly revised<\/a> to a sluggish 1.3% at the end of May.<\/strong><\/p>\n

It\u2019s an undeniable pattern. We get these awesome economic releases, a barrage of friendly headlines and then months later quiet updates that dramatically alter the actual, final number. Either all the Very Smart People are much worse at this than they used to be, or there\u2019s some shady politicking at play. With the numbers coming days before an extremely tight election, skepticism toward the latter is certainly warranted. Either way, there\u2019s good reason to think these new economic numbers will go down. It\u2019s only a matter of when.<\/strong><\/p>\n

If the people reporting these numbers are that far off, maybe we need new people reporting them.<\/p>\n","protected":false},"excerpt":{"rendered":"

On Friday, The Daily Caller posted an article about the latest economic numbers released by the Biden administration. On the surface, they look wonderful. At closer examination, not so much. The article reports: The economy expanded by 2.8% from July … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[11463,7197,17346,17347,8967,7015,8976],"class_list":["post-57138","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-commerce-department","tag-consumer-spending","tag-economic-numbers","tag-inflation-rate","tag-jobs-report","tag-the-daily-caller","tag-zero-hedge"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/57138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57138"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/57138\/revisions"}],"predecessor-version":[{"id":57140,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/57138\/revisions\/57140"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}