Book Cooking Donny: U.S. created 501,000 fewer jobs since 2018 than previously reported, new figures show

Mod: Hmm. So what if the much ballyhooed Trump economic miracle was the result of cooking the books?

U.S. created 501,000 fewer jobs since 2018 than previously reported, new figures show (Market Watchlink): Turns out hiring wasn’t nearly as strong in 2018 and early 2019 as the government initially reported — by about a half-million jobs. The economy had about 501,000 fewer jobs as of March 2019 than the Bureau of Labor Statistics initially calculated in its survey of business establishments. That’s the largest revision since the waning stages of the Great Recession in 2009.

The newly revised figures indicate the economy didn’t get a huge boost last year from President Trump’s tax cuts and higher federal spending. They also signal the economy is a bit weaker than previously believed and could give the Federal Reserve even greater reason to cut interest rates in September.

“This makes some sense, as the 223,000 average monthly increase in 2018 seemed too good to be true in light of how tight the labor market has become and how much trouble firms are said to be having finding qualified workers,” said chief economist Stephen Stanley of Amherst Pierpont Securities.

The average 223,000 monthly increase in employment in 2018 — the strongest in three years — could be trimmed to around 185,000, economists estimate.

Fewer jobs were created in restaurants, hotels, retailers and professional business services. Leisure and hospitality employment was reduced by 175,000, business services by 163,000 and retail by 146,400.

Mod: Want to donate some money to the Trump campaign? You might want to look at where it might be going first.

Trump Campaign Manager Blows Millions on Florida Mansion and Luxury Cars (Mediaite.comlink): Brad Parscale has been promoted from President Donald Trump’s digital media manager to his 2020 campaign manager. Since the promotion, he’s been blowing millions on cars and real estate, even though his stated salary is only $15,000 a month.

This year alone he’s bought a $2.4 million waterfront mansion in Fort Lauderdale, a $78,300 BMW, and a $146,000 Range Rover, according to the Daily Mail. This was just months after Parscale and his wife had spent $2 million on condos in the Fort Lauderdale area.

In the mid-2000s, Parscale and his family lost their company to bankruptcy. Which is why his recent spending spree raised eyebrows, given his relatively meager salary based off donations.

According to the Daily Mail, Parscale also earns a percentage of all contributions to the Trump 2020 re-election campaign, and from the Republican National Committee which has paid his company Parscale Digital $7.3 million so far this year.

“I make no secret about the fact that working for the Trump family made me a wealthy man well before I ever became President Trump’s campaign manager,” Parscale told the Daily Mail. “The President is an excellent businessman and being associated with him for years has been extremely beneficial to my family.”

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