The recent unemployment report was a disaster. Another 95,000 jobs vanished, 18,000 jobs after you subtract census workers.
However, the story doesn’t end there. Like most months, the MSM mostly ignored past revisions, or even tried to spin them as something positive.
As part of the employment report, the BLS released the preliminary annual benchmark revision of minus 366,000 payroll jobs.
Disappearing hundreds of thousands of jobs has become a yearly tradition at the Bureau Labor Statistics. Last year the BLS wiped away 902,000 previously reported jobs, another 89,000 jobs in 2008, and another 293,000 jobs in 2007.
All told the BLS has erased 1.65 million reported jobs in the last four years.
That’s more than twice the number of jobs the Obama Administration claims were created this year.
What we’ve seen consistently through this entire Depression is the government reporting employment numbers that often come in higher than feared, only to revise them drastically down weeks or months later when no one is looking.