The fake news media is working overtime to help Joe Biden’s reelection bid.
The disastrous May jobs report was released on Friday: According to the BLS, nonfarm payrolls expanded by 272,000 – ‘better than expected’ and the unemployment rate rose to 4% (this number is also a lie).
But the fake news media is spinning the abysmal report to help Joe Biden.
“U.S. adds a much-better-than-expected 272,000 jobs in May, but unemployment rate edges up to 4%” – CNBC boasted on Friday.
Fake News CNN really hyped up the May jobs report.
“US economy added a whopping 272,000 jobs in May” CNN’s headline read.
“Key takeaways from the blowout May jobs report,” another CNN headline read.
Axios also carried the water for the Biden Regime with a hysterical headline.
“The boom in hiring shows the labor market is still strong, defying other indications that it’s cooling,” Axios absurdly claimed.
BREAKING: The U.S. economy added 272,000 jobs in May.
The boom in hiring shows the labor market is still strong, defying other indications that it's cooling. https://t.co/BDpmJD9W3n
— Axios (@axios) June 7, 2024
There is no boom in hiring.
The Bureau of Labor Statistics double counts people with multiple jobs which is why they say nonfarm payrolls, not workers.
Most of the jobs added were in healthcare, government, leisure and hospitality (seasonal).
Full-time workers: -625,000
Part-time workers: +286,000
Native-born workers: -663,000
Foreign-born workers (including illegal aliens): +414,000
Here’s the truth via Zero Hedge:
On the surface, it was a blockbuster jobs report, certainly one which nobody expected, with the two largest US banks – JPMorgan and JPM – both expecting a below-consensus print at 150K and 165K, respectively (well we did, and we said that the jobs print “will beat” shortly before it was published)
Goldman (165K) and JPM (150k) are below the median NPF estimate of 180k.
It will beat. pic.twitter.com/v2UxP2TBky
— zerohedge (@zerohedge) June 7, 2024
Starting at the top, the BLS reported that in May the US unexpectedly added a whopping 272K payrolls, not workers since the establishment survey double-counts multiple jobs even if held by the same employee, which was 50% higher than the consensus forecast of 180K and 14K more than the highest Wall Street estimate (258K from Regions Bank).
In fact, this was a 4-sigma beat to estimate, unheard of in the past year.
Click here to read Zero Hedge’s breakdown of “the most ridiculous jobs report in years.”
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