The Government Is Hiding A Dark Secret about The Economy

The comments below are an edited and abridged synopsis of an article by Graham Summers

In the US, July’s job numbers were amazing, but not remotely accurate. According to the headlines, 528,000 jobs were added, but most if not all of these were created on a spreadsheet.

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The most obvious issue is seasonal adjustments. Job growth is not spread out consistently throughout the year. Some months look great, and others not so good. The BLS tries to get around this by seasonally adjusting the numbers, which evens out job creation throughout the year.

In reality, however, this is just a gimmick the BLS uses to fake the numbers, particularly when it is under immense pressure to make the economy look better than it really is.

The seasonable adjustments for July were negative 65,000, yet the seasonable adjustments for July were positive 287,000. So there are 352,00 ‘jobs’ that were created on a government spreadsheet, not in the real economy. This represents over half of the supposed jobs created in July.

Then there is the Birth/Death model, which looks at companies created and companies that go out of business, and averages out the numbers throughout the year. But this is just another gimmick, and it created another 85,000 jobs in July.

So we have 437,000 of out the total 528,000 jobs reported for July, or 82% of the jobs everyone cheered about were created by the BLS.

Summers goes on to discuss two job reports the BLS publishes: the Household Survey (shows the economy has lost 136,000 jobs) and Non-Farm Payrolls (shows the economy has created 926,000 jobs); guess which is more accurate?

Unfortunately, since last year the US economy is losing more jobs than it is creating.

Despite what Wall Street and the financial media say, the real economy is already in a recession. Investors who believe the official jobs numbers are being led like lambs to the slaughter.

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