Markets are learning NOT to trust the BLS!
For the past few years, I have talked about my frustration with the Bureau of Labor Statistics and how their numbers never seem to reflect what many companies actually are seeing and that they consistently must go back and revise numbers dramatically. The problem is, when the numbers come out, the markets move on that information and then MONTHS later, the numbers get “revised” and the damage is done. Real damage, damage that actually HURTS people when government policy and market computer algorithms have already acted on this information it’s too late to make people whole.
We just saw a report from an independent audit of the 2024 third quarter Jobs numbers that claimed that 399,000 jobs were created in that third quarter and signaled that job growth was continuing heading into the November elections. One small problem, the “numbers” were false. Not just off a few thousand or even a few tens of thousands; NOPE, the true rate of growth was -1,000! Yes, in the third quarter of 2024 jobs actually DECLINED!
I have begged people to wake up and understand that until the BLS completely cleans house, and can use some sort of documented method of HOW and WHAT they are using to support their numbers, I suggest that people start looking at ADP to guide them as to what is going on in the job markets, because the time has come to stop accepting the lies and begin finding sources that can be verified and supported by actual data. People can handle the truth; they just need to be given the real numbers.
Reports from my clients across the country shared that while Mother’s Day weekend wasn’t as active as prior weekends, the start to this week has been very steady with both contracts and new applications! Keep working your plan and get into your end of the school year pattern this weekend!
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