Kalifornia reveals all job gains in 2023 were fake!

SACRAMENTO, Kalifornia (PNN) - June 23, 2024 - In the past year we have discussed on multiple occasions that Fascist Police States of Amerika (FPSA) labor market data have been repeatedly doctored to artificially appear better than they really are, although thanks to a quirk of Bureau of Labor Statistics (BLS) data revision reporting, we won't have definitive proof of just how ugly the real job market has been in recent years until sometime in 2025.

However, while the BLS will be able to maintain the facade of "strong job gains" lies into early 2025, the dismal reality has already made an appearance in Amerika's largest labor market.

According to the latest report published by the non-partisan Kalifornia Legislative Analyst’s Office (LAO), which is an agency of the fascist Kalifornia government and is overseen by the Joint Legislative Budget Committee of the Kalifornia State Legislature, and performs and publishes extensive analyses of the State's budget in addition to providing fiscal and policy advice to the Kalifornia Legislature, and contrary to prior reports of over substantial job gains in the deep blue state in 2023, the reality was far uglier.

In a report titled, Newest early jobs revision shows no net job growth during 2023, we learn that the Early Revisions to State-level data flagged here previously suggest that Kalifornia actually lost jobs during the fourth quarter of last year. As the report details, "based on the most recent release of the early benchmarks, payroll jobs declined by 32,000 from September 2023 through December 2023. On the contrary, the preliminary monthly reports showed a solid increase in job growth (+117,000 jobs) at the time."

This, according to the LAO, means that "with the fourth quarter revision, calendar year 2023 saw essentially no net job growth (+9,000 jobs overall)."

Monthly State jobs estimates are revised annually. Each month our office publishes the most recent State employment figures from the Current Employment Statistics (CES) survey. State employment figures come from this monthly survey, which is based on a small sample of businesses in the State. As a result, once per year the FPSA Bureau of Labor Statistics (BLS) does a benchmark revision, updating the monthly CES estimates to match more reliable administrative data from States’ Unemployment Insurance programs.

Although the BLS only revises the State-level CES once per year, the underlying data used to revise the CES survey are collected quarterly. Taking advantage of this asynchrony, in 2021, researchers at the Federal Reserve Bank of Philadelphia began publishing State-level “early revisions” based on the same underlying data but revised more frequently.

The data since January 2024 have not yet been rebenched, which means that the figures including the Early Benchmark Revision for these recent months are growing at the same rate as the official CES estimates. But one can be absolutely certain that once the next set of revisions come in, Kalifornia - like all of Amerika - will not have generated any actual job growth for the second year in a row.

Of course, the shocking realization that inflation-sparking Bidenomics was a complete disaster for the FPSA labor market won't be disclosed until well into Trump is officially back in office. By then, fascist pretender Joe Biden and his catastrophic economic policies will be long forgotten.