California’s job market isn’t as rosy as official state and federal employment figures suggested in 2023, according to a bombshell report from the non-partisan California Legislative Analyst’s Office (LAO).
According to the latest revised numbers, the Golden State may have actually lost jobs in the last quarter of 2023, despite earlier claims of massive job gains.
The LAO, overseen by the Joint Legislative Budget Committee of the California State Legislature, published its findings in a report titled “Newest Early Jobs Revision Shows No Net Job Growth During 2023.” The report contradicts previous optimistic reports, exposing the harsh reality of California’s job market.
The Federal Reserve Bank of Philadelphia’s early revisions show payroll jobs plummeted by 32,000 from September to December 2023 — a massive divergence from the preliminary monthly reports, which estimated increase of 117,000 jobs during the same period.
These early revisions, based on quarterly data collected for the U.S. Bureau of Labor Statistics’ (BLS) annual benchmarks, paint a grim picture. The annual revisions update the monthly Current Employment Statistics (CES) survey estimates, which are derived from a small sample of businesses in the state.
While 2023 was initially celebrated for job growth, the early revisions reveal a meager total annual net gain of just 9,000 jobs. And with data since January 2024 still pending revisions, the current figures might soon face the same unexpected revisions.
<span class="dsq-postid" data-dsqidentifier="28847 https://www.themainewire.com/?p=28847">5 Comments
the government usually waits 20 years before they admit ” we lied!” haha but, i guess with the clot shots everyone be dead in 20 years so they are letting the cat out of the bag now, the lies are way worse than this!
This is what we the people have allowed our government to become! They lie to prop themselves up and we do nothing about it!
And yet nothing from the corrupt msm.
Newsom is a Democrate He lies!!!
Imagine that! The gov’t lying to its citizens. They would never do that would they?