I don’t understand the downvotes. Chairman of the federal reserve stated that jo...

CrazyStat · 2024-07-05T02:07:22 1720145242

Here’s what the chairman of the federal reserve actually stated about payroll numbers:

> there’s an argument that they may be a bit overstated

Not one, not two, but three qualifiers[1] that you left out of your retelling.

[1] “there’s an argument,” “may be,” and “a bit”

richrichie · 2024-07-05T03:15:13 1720149313

[flagged]

adabyron · 2024-07-05T03:40:50 1720150850

Don't take it personally. The fact he called it out is noteworthy.

At the same time, many have called it a terrible measure of employment for decades.

snowwrestler · 2024-07-05T04:18:30 1720153110

You got downvoted for saying that BLS is intentionally lying about jobs numbers. That’s what “cooking” means in this context and it is a big accusation.

The Fed chair’s statement you cite doesn’t support it. He’s just saying that the jobs numbers may not be perfectly representing the actual job market. That is not exactly news; it’s a very hard thing to measure. He’s not accusing the BLS of lying.

richrichie · 2024-07-05T18:04:45 1720202685

Check the revisions from BLS over the past year. BLS revised down both April and May numbers by 30%. These are big revisions. This is a pattern now. Media only reports the initial figures.

snowwrestler · 2024-07-08T01:25:11 1720401911

I agree with you on the very flawed way that the media covers the revisions. But revisions are nothing new and you’ll need a lot more than that to support an accusation of intentionally reporting wrong numbers.