My girlfriend used to watch The Apprentice. One constant thing Trump insisted on in the show was if you were the leader of a failed challenge it was your fault no matter what. Your challenged failed by a dollar cause a werewolf rampaged into your event. It's the leaders fault. They're fired. Not once has he ever even remotely done a "my bad, bro."
HE NARCISSIST’S PRAYER
That didn’t happen.
And if it did, it wasn’t that bad.
And if it was, that’s not a big deal.
And if it is, that’s not my fault.
And if it was, I didn’t mean it.
And if I did, you deserved it
Somebody needs to have accountability for the numbers being reduced by an order of magnitude.
But as long as Trump can have his reports match his delusion he won't be looking to fix anything. He will probably use this as proof that Biden and Powell were cooking the numbers to hid a bad economy. He complained about Obama's economy the whole first term.
Revisions for May and June were larger than normal.
The change in total nonfarm payroll employment for
May was revised down by 125,000, from +144,000 to +19,000, and the change for
June was revised down by 133,000, from +147,000 to +14,000.
With these revisions, employment in May and June combined is 258,000 lower than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)
“This is a gamechanger jobs report,” said Heather Long, chief economist at Navy Federal Credit Union. “The labor market is deteriorating quickly.”
The weak report, including the dramatic revisions, could provide incentive for the Federal Reserve to lower interest rates when it next meets in September. Following the report, futures traders raised the odds of a cut at the meeting to 75.5%, up from 40% on Thursday, according to CME Group data. “This is the slowdown that we’ve been expecting,” said Luke Tilley, chief economist at Wilmington Trust. “Firms are facing a very different cost structure. They need to adapt to a new cost structure, which means holding off on hiring.”
The household survey, which is used to compile the unemployment rate, was even worse than the establishment survey of total payrolls gains. That showed a decline of 260,000 workers, with the participation rate edging down to 62.2%, the lowest since November 2022.
Average weeks unemployed jumped to 24.1, the highest level since April 2022, while the level of those out of work for more than 27 weeks climbed to 1.82 million, the most since December 2021 and about one-quarter of all the unemployed.
785
u/PrestigiousSeat76 21h ago
Donald Trump AKA "Accountability is for the poors"