The U.S. Department of Labor’s employment reports, particularly the nonfarm payrolls, have been consistently revised downwards over the past year, resulting in 443,000 fewer jobs than initially reported.
This trend has raised concerns about the credibility of the reports, with some suggesting potential political influence.
The decline in survey response rates from businesses has made the data less reliable, leading to increased reliance on econometric models and more guesswork.
“Is it all by design? The implausibility of nearly all later revisions being downward suggests so,” Matt Palumbo wrote.
This situation has led to speculation about the accuracy and potential manipulation of the numbers.
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