Biden’s Economy Lost 2.5 Million Jobs in January, despite Media Claims of 517,000 ‘Gain’

The United States economy suffered a whopping 2.5 million job losses in January despite efforts by the corporate media to try to spin the numbers in Democrat President Joe Biden’s favor.

The mainstream media praised Biden’s economy while cheering employment figures showing that the U.S. saw a “gain” of 517,000 jobs last month.

According to reports and the St. Louis Federal Reserve, however, these reports are false.

The Fed revealed that Biden’s economy actually lost 2.5 million jobs in January.

“The Not Seasonally Adjusted print for monthly change in Nonfarm Payrolls was -2.5 million jobs,” economist Rich Dvorak said of the jobs numbers.

“That means the headline +517K employment gain reported in January was driven entirely by a +3 million seasonal adjustment.”

Financial advisor Angus Davis also broke down how the media spun the numbers:

Several economists have been weighing in on how the number of seasonal jobs losses was twisted to show “gains.”

Zero Hedge reported:

And with the unemployment rate plunging to 3.4% – matching the lowest in 54 years – from 3.6%, while the payrolls report showing the addition of 517K jobs the highest since July, and far above the highest forecast – in fact, a record 9-sigma beat to median consensus, the shock was merited as today’s report was indeed a blowout.

But why: what happened that everyone was so wrong?

A couple of things.

First, as we warned yesterday, today the BLS unveiled a slew of data revisions, which include updating the population controls – which would have the mechanical effect of boosting the labor force – and updating seasonal factors, which further distorted the January nonfarm payroll number (this is key as readers will read shortly).

This is indeed what happened:

https://twitter.com/StockTipsTips/status/1621667067974795264

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By Frank Bergman

Frank Bergman is a political/economic journalist living on the east coast. Aside from news reporting, Bergman also conducts interviews with researchers and material experts and investigates influential individuals and organizations in the sociopolitical world.

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