by TYLER DURDEN at zerohedge.com
For months we have been warning that at a time when the US economy is careening into a hard landing recession, the manipulated, seasonally-adjusted, and politically goalseeked job openings data released as part of the DOL’s JOLTS report is sheer rubbish (see “US Job Openings Far Lower Than Reported By Department Of Labor“; “Handle The JOLTS Data With Care“, “Just Make it Up: Job Openings Unexpectedly Soar As Labor Department Now Guessing What The Number Is“). Today, the BLS finally got the memo.
With consensus expecting only a modest drop in the July job openings from 9.582 million to 9.5 million, what the BLS reported instead was a doozy: in July there were just 8.827 million job openings, the first sub-9 million print since March 2021. It was also the 3rd biggest miss on record!
Worse, had the BLS not drastically slashed the May number from 9.582MM to a laughable 9.165MM, the drop would have been almost 800K job openings. And yes, today’s downward revision…
… continues the recent trend of every single data point in the Biden administration being revised sharply lower in subsequent month(s), in a coordinated propaganda attempt to make the economy look stronger, then quietly revise it away when everyone forgets.
And while one month does not a trend make, three months does, which is bad because the 3-month drop in job openings was 1.5 million, the second highest on record surpassed only by the total economic shutdown during the covid crash.read more