January 2022 Jobs Report Expected To Be Awful – Payrolls Fell By Over 300,000

January 2022 Jobs Report Expected To Be Awful – Payrolls Fell By Over 300,000

By Mike LaChance - February 3, 2022
415 SHARES

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Joe Biden has been a disaster for the economy and American jobs.

Instead of focusing on the engine of America, he has wated the last year trying to push his Build Back Better bill and then the ridiculous Democrat voter reform bill.
In the meantime, it is America’s working class that suffers.
The January jobs report comes out on Friday and it’s going to be terrible.
CNBC reports:
Companies unexpectedly cut 301,000 jobs in January as omicron slams labor market, ADP says

Companies cut jobs in January for the first time in more than a year as the spread of the Covid omicron variant appeared to hit hiring, payroll processing firm ADP reported Wednesday.
Private payrolls fell by 301,000 for the month, well below the Dow Jones estimate for growth of 200,000 and a marked plunge from the downwardly revised 776,000 gain in December. It was the first time ADP reported negative job growth since December 2020.
The pandemic-sensitive leisure and hospitality industry was responsible for more than half of the decline, as companies reported a drop of 154,000. Trade, transportation and utilities cut 62,000 while the other services category declined by 23,000.

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Manufacturing also lost 21,000 positions, while education and health services reported a drawdown of 15,000 and construction fell by 10,000.
Service-providing industries were responsible for 274,000 of the job losses, with goods producers falling by 27,000.
“The labor market recovery took a step back at the start of 2022 due to the effect of the omicron variant and its significant, though likely temporary, impact to job growth,” ADP’s chief economist, Nela Richardson, said.

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Lord Julio Gonzalez - juliogonzalez.com
@TaxReformExpert

BREAKING: Unemployment is rising in The United States of America. 301,000 Jobs lost in January per the ADP report this morning. We can thank sleepy, creepy Joe Biden for this.

8:53 AM · Feb 2, 2022

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CNBC
@CNBC

January's payrolls report on Friday could be rough with as many as 400,000 jobs lost by one estimate

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cnbc.com
January's payrolls report on Friday could be rough with as many as 400,000 jobs lost by one estimate
A jobs market that was on fire for most of 2021 looks like it had a cold splash of reality in its face to start the new year.

2:04 PM · Feb 2, 2022

The Biden administration can try to blame this on COVID if they want to.
No one is buying it.

January 2022 Jobs Report Expected To Be Awful - Payrolls Fell By Over 300,000 (americanlookout.com)

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More on Today’s Bogus Job Numbers from the BLS – “There’s Never Been a January Seasonal Adjustment of This Magnitude”

By Joe Hoft
Published February 4, 2022 at 12:18pm
328 Comments

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Today’s job numbers are as shocking as Joe Biden’s win in the 2020 Election – meaning they’re garbage. Here’s more on the unrealistic and dishonest reporting coming from the BLS.

We reported earlier on how today’s job numbers coming out of the Bureau of Labor Statistics (BLS) made no sense:

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SHADES OF OBAMA – January Job Numbers Doubled the Highest Estimate of 78 Experts – And You’re Supposed to Believe This is Real
We’ve been saying this since the Obama years, that the US government was seriously fudging numbers to make Obama/Biden look better and Trump look worse. But today’s numbers top the cake. The US Government claims that Biden gained 467,000 jobs last month. A total that doubles the highest of 78 experts expectations. The Street reports: The … Continue readingSHADES OF OBAMA – January Job Numbers Doubled the Highest Estimate of 78 Experts – And You’re Supposed to Believe This is Real

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Now we have more on these over-the-top numbers. Zerohedge reports:

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For those who only look at headlines, today’s payrolls report was a veritable shock: coming in at 467K, it was almost 4x the consensus median expectation of 125K, and was orders of magnitude above Goldman’s forecast of -250K. Putting the stunning, 3-sigma beat in context, it came above all 78 estimates, and was more than double the highest forecast of 225K from HSBC. Even more ludicrous were historical adjustments which saw December increased from 199K to 510K, November from 249K to 647K and so on.

The plot thickens:

Well, here’s what happened. First, looking at just the December to January change we find that while the seasonally adjusted number rose by an impressive 467K, the unadjusted number collapsed, tumbling from 150.349 million to 147.525 million, a 2.8 million drop (as it tends to do every time the year shifts from December to January) meaning that the entire delta in the January number – somewhere in the 3+ million range – is due to arbitrary adjustments overlaid on top of the data…
…Focusing on just 2021, we find something curious: the stunning print from the summer which saw June and July print at or over 1 million, have been slashed by almost 50%, at the expense of most recent months such that October added 29K, November added 398K and December added 311K jobs to what was the original print only as a result of seasonal adjustments. Said otherwise, March-July was revised lower by -1,061,000 while Aug-Dec was revised up by +817,000.

Zerohedge goes on to note –

SouthBay Research notes in his NFP postmortem, “there has never been a January Seasonal Adjustment of this magnitude”

The overall theme is that the BLS apparently is now saying that they way overstated jobs this past summer and decided to move those overstatements to January.

We saw a similar approach taken by the Burea of Economic Analysis (BEA) to the GDP in 2018. President Trump’s numbers were too good, so the BEA reduced Trump’s numbers in 2017 and redistributed the increase in GDP to the Obama years.

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Feds Suspiciously Revise Obama’s GDP Up and President Trump’s GDP Down – Still Debt to GDP Decreasing!
Guest post by Joe Hoft The US GDP Numbers were released on Friday and after accounting for new revisions [?] and seasonal adjustments[?], the debt to GDP ratio still continues to decrease. The US GDP for the second quarter accelerated to a whopping 4.1% under the leadership of President Donald Trump. This was another BIG … Continue readingFeds Suspiciously Revise Obama’s GDP Up and President Trump’s GDP Down – Still Debt to GDP Decreasing!

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The individuals running all these government agencies need to be prosecuted to the full extent of the law for falsifying information that is so central to the lives of Americans if this is indeed the case. Casual observations indicate that something very dishonest is going on.

More on Today's Bogus Job Numbers from the BLS - "There's Never Been a January Seasonal Adjustment of This Magnitude" (thegatewaypundit.com)