No. 598: January Employment, Unemployment and Employment Benchmark Revision, M3

(SGS Subscription required) • As With December, January’s Small Headline Jobs Gain Was Statistically Insignificant
• Annual Upside Bias in the Birth-Death Model Increased by 140,000, Despite Last Year’s 119,000 Overstatement of Jobs Growth
• Spurious Revisions Used to Spike Payroll Employment Levels
• Renewed Concurrent Seasonal Adjustments and New Population Controls Make Comparisons of Monthly Unemployment Detail Meaningless
• January Unemployment: 6.6% (U.3), 12.7% (U.6), 23.2% (ShadowStats)
• Year-to-Year M3 Growth Slowed to 3.0% in January

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