Gold prices are up Thursday morning. The marketplace is centered on the annual Federal Reserve symposium in Jackson Hole, Wyoming. Fed Chairman Powell is scheduled to speak at the event this morning and might provide insights into the anticipated size of a U.S. interest rate cut in September. The price of gold is trading at $2,498.46, up $13.71. The price of silver is trading at $29.26, up 27 cents.
In an unprecedented turn of events, the Bureau of Labor Statistics (BLS) has announced a staggering downward revision of U.S. employment figures, revealing that 818,000 fewer jobs were created than initially reported. This marks the largest adjustment in 15 years (2009 GFC), sending shockwaves through the economic landscape and raising serious questions about the reliability of government data. The revised figures suggest that the U.S. economy added approximately 2.1 million jobs in the past year, a stark contrast to the previously reported 2.9 million. This revelation comes amid growing concerns of an economic slowdown, as the unemployment rate has climbed to a post-pandemic high of 4.3% and job growth has decelerated significantly.
The magnitude of this revision has sparked a debate about the credibility of government statistics, with some experts questioning the accuracy of other economic indicators. The BLS’s annual benchmark revision, which aligns monthly survey data with more comprehensive records from state unemployment insurance tax records, highlights the challenges in capturing the true state of the labor market. While the revised data does not indicate job losses, it underscores a weaker-than-expected labor market, particularly in sectors like professional services and hospitality, which saw significant downward adjustments. The implications of this revision are profound, potentially influencing Federal Reserve policy decisions and shaking public confidence in official economic data.
Biden’s commerce secretary Gina Raimondo (who runs the US Bureau of Economic Analysis) is “not familiar” with the Bureau of Labor Statistics which makes up the monthly jobs report:
