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Expert Questions Credibility of New Jobs Report

via CBS Sunday Morning
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Tax attorney Rebecca Walser raised questions regarding the validity of the latest jobs report, citing conflicting data from other sources showing significant job cuts.

She raised concerns about the discrepancies in the numbers and questions the accuracy of the BLS data.

“It’s a shock, actually,” Walser said.

“It doesn’t jibe, because The Challenger Report just said that U.S. employers announced 82,000 job cuts in the month of January,” Walser said.

“So where are all these jobs coming from?” she asked. “Obviously we need to look at the details, but it does not compute. They do not add up.”

“And I think that, you know — you’ve got UPS saying 12,000, Citi saying 20,000 — we’re getting these consistently big announcements of massive layoffs. And yet, we come with a jobs report that’s like the best jobs report we’ve seen in six months?” she pressed.

“What is happening with the BLS data?” Walser asked. “What is happening?”

Charles Payne emphasized that despite the positive job creation numbers, people actually earned less in January due to fewer work hours.

“The most important part of the jobs report — how much money are people making,” Payne wrote. “Turns out people earned less in January than December because of fewer hours.”

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