: A new Philadelphia Fed report has fueled a Tucker Carlson conspiracy. Here’s what the report says and what it means

by | Dec 22, 2022 | Stock Market

“Why are they lying to us about this,” asked Tucker Carlson, the FOX News pundit and host of Tucker Carlson Tonight, on Wednesday. The lie, he says, is Bureau of Labor Statistics data about the jobs market. Carlson says the jobs data was overstated, which in turn helped the Democrats keep control of the U.S. Senate and give Fed Chair Jerome Powell the ammunition to lift interest rates. “The administration wants Powell to raise rates because they think it’ll offset the inflation that Joe Biden’s policies have caused,” says Carlson.

The basis for Carlson’s claim is a report from the Philadelphia Fed. The regional central bank is starting to publish a new report, called the early benchmark revisions of state payroll employment, drawing not just on the BLS’s current employment statistics– the basis for the monthly payrolls data — but also the quarterly Census of Employment and Wages. (Note that the Philadelphia Fed is relying on BLS data — the alleged source of the conspiracy, per Carlson — to produce its numbers.) The Philadelphia Fed last week said that only 10,500 net new jobs were added between March and June, compared to the 1.05 million reported in the nonfarm payrolls reports. In the two previous quarters that the Philadelphia Fed has examined, however, it didn’t find a big disparity. In the first quarter, the Philadelphia Fed estimated 1.7 million were jobs were created compared to 1.62 millio …

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