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Do you believe the U.S. added 272,000 jobs last month? If not, you have plenty of company. The figure is so out of scale, and so at odds with other indicators of the employment picture, that it almost surely is wrong, and likely to be revised sharply lower.
After all, another Bureau of Labor Statistics report shows that 625,000 fewer people were employed full-time last month. When even Jay Powell, chairman of the Federal Reserve, suggests the numbers are somewhat bogus, distrust in the White House’s read on the economy — and the data used to back up their rosy claims — blossoms.