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Economic Times
15 minutes ago
- Economic Times
The jobs data revisions that cost a US government statistician her job
Synopsis Significant downward revisions to U.S. payroll gains for May and June led to the firing of the Bureau of Labor Statistics Commissioner. The combined revision of 258,000 jobs is the largest since 1979, excluding the pandemic period. June's initial estimate was reduced by 133,000, and May's by 125,000, marking substantial deviations from historical trends. AP FILE- A sign announces hiring, July 15, 2025, in Richardson, Texas. (AP Photo/LM Otero, File) The revisions to previous estimates of the size of U.S. payrolls gains for May and June that prompted President Donald Trump to fire Bureau of Labor Statistics Commissioner Erika McEntarfer on Friday were by any measure extraordinarily large. Indeed, the combined downward revision for the two months of 258,000 was the largest - outside of those during the early months of the COVID-19 pandemic - since at least 1979. Here's a quick graphical breakdown:The monthly nonfarm payrolls report, released typically on the first Friday of each month, includes an initial estimate of employment changes for the immediately preceding month and revisions to the earlier estimates for the prior two months. BLS makes the revisions because more survey responses come in over the ensuing weeks and because it updates the seasonal factors affecting each month's estimates. The BLS on Friday said 133,000 fewer jobs had been created in June than first estimated. Over the last several years, the first estimate of the net change in payrolls each month has been revised lower more often than not. It has been revised down in eight of the last 12 BLS reports over the last year. The downward revision on Friday was the largest since the first estimate of payrolls gains for March 2021, published in April 2021, was revised down by 146,000 a month later. Over the last three years through June, the median estimate revision was -10,000. That contrasts with a median increase of 8,000 during the decade before the pandemic and a median increase of 2,000 over the series history since 1979. The total for May's payroll gains was revised lower by 125,000 in Friday's report, when the third estimate for payrolls for that month was published. That figure was the largest downward reduction of payrolls gains for a second revision - outside of the pandemic era - since the estimate for March 1983 was revised down by 127,000 in the report published in June combined downward revision for the two previous months - May and June - was larger than anything reported outside of the pandemic era. Indeed, the estimates for the two prior months combined have more often than not been revised higher. Since 1979, the median two-month combined estimate change was an upward revision of 10,000. Measured in absolute terms - revisions in either direction - Friday's revision also stands out. There have only been four larger revisions: +709,000 for November and December 2021; -642,000 for March and April 2020; +285,000 for August and September 1983; and +414,000 for April and May 1981.
Economic Times
15 minutes ago
- Economic Times
Trump says he's cut drug prices by up to 1,500%. That's not possible
Synopsis Donald Trump claimed significant drug price cuts, even up to 1500%. Experts refute this, stating such cuts are impossible. They suggest it would mean people are paid to take medicine. The White House defended Trump, citing price differences with other nations. Trump also mentioned future price drops. Some drugmakers are open to cuts. AP Days after he sent letters instructing top pharmaceutical manufacturers to use a "most favored nation" pricing model for prescription drugs, President Donald Trump told reporters on Sunday that he had cut costs by up to 1,500%. But Trump's grandiose claim is mathematically impossible. Here's a closer look at the facts. TRUMP: "You know, we've cut drug prices by 1,200, 1,300, 1,400, 1,500%. I don't mean 50%, I mean 14 - 1,500%." THE FACTS: This is false. Cutting drug prices by more than 100% would theoretically mean that people are being paid to take medications. The Trump administration has taken steps to lower prescription drug prices, but experts say there's no indication costs have seen such a massive drop. Geoffrey Joyce, director of health policy at the University of Southern California's Schaeffer Center, called Trump's claim "total fiction" made up by the Republican president. He agreed that it would amount to drug companies paying customers, rather than the other way around. "I find it really difficult to translate those numbers into some actual estimates that patients would see at the pharmacy counter," said Mariana Socal, an associate professor of health policy and management at Johns Hopkins University who studies the U.S. pharmaceutical market. She added that Trump's math is "really hard to follow." Asked what Trump was using to back up his claim, White House spokesman Kush Desai said: "It's an objective fact that Americans are paying exponentially more for the same exact drugs as people in other developed countries pay, and it's an objective fact that no other Administration has done more to rectify this unfair burden for the American people." The White House provided a chart of price differentials for drugs in the U.S. and comparable countries, but did not offer any other evidence. On Sunday, Trump also described cuts to drug prices as a future development, not that already happened. "So we'll be dropping drug prices," he said. "It will start over the next two to three months by 1,200, 1,300 and even 1,400%." Prices for most prescription drugs - unbranded generics are the exception - are higher in the U.S. than they are in other high-income countries. This is in large part due to the way drug prices are negotiated in the United States. Trump made his recent appeal in letters to 17 pharmaceutical manufacturers, the White House announced last week. He asked them to reduce costs in the U.S. by matching the lowest prices of prescriptions drugs in other comparably developed countries. Some drugmakers have since indicated that they are open to cutting costs. This move follows an executive order Trump signed in May setting a 30-day deadline for drugmakers to electively lower prices in the U.S. or face new limits in the future over what the government will pay. The federal government has the most power to shape the price it pays for drugs covered by Medicare and Medicaid. It's unclear what - if any - impact the Trump administration's efforts will have on millions of Americans who have private health insurance. Socal pointed out that if drug manufacturers had cut costs to the extent Trump claims, they would be shouting it from the rooftops, especially given the heat they've taken over the years for their pricing practices. "My expectation would be that they would make announcements - public announcements - and that those announcements would come way in advance of the actual effective dates when those price cuts would come into effect," she said. Joyce agreed that there has been no indication of a substantial cut. "Not at all, not at all, none whatsoever," he said. "And let alone 1,500."
Hindustan Times
17 minutes ago
- Hindustan Times
'Work weekends or stay late daily': Indian manager's shocking ultimatum to employees
A post about an Indian manager allegedly asking an employee to report to work on weekends for 8-hour shifts or add two days extra to their work hours for the coming week has sparked conversations around toxic workplaces among Reddit users. An individual posted a screenshot of a WhatsApp chat, claiming it's from the manager of one of their friends. An Indian manager's WhatsApp text on an office group has sparked anger among Reddit users. (Reddit/Awd_7, Unsplash (Representational image)/Muradi) 'This screenshot is from my friend's whatsapp group - the last msg is from her manager apparently having the audacity to normalise working on weekends,' the Reddit user wrote. In the screenshot, a part of a partially visible message reads, 'I have commitments and plans so unable to work on Saturdays and Sundays if possible I will try to complete.' It is followed by messages from other employees in the group chat who say they won't be able to work on Saturday and Sunday. In response, the manager slams one of the employees and says that the team's weekend unavailability will be addressed in the office the following week. 'This is not going to work, we need to plan something else, I will address the complete team on Monday, either we have to report to office on Saturday and Sundays for complete 8 hours or need to extend the shift on a daily basis for 2 hours for next three kindly prepare your mindset and come to work on Monday,' the message reads. The post on Reddit was published by an unverified user. has not independently verified the claims. An alleged text on WhatsApp from an Indian manager. (Reddit/@Awd_7) What did social media say? An individual suggested, 'They are literally stealing his labour. Refuse tactfully. If that doesn't work, refuse directly. Of course, he needs a new job soon.' Another added, 'They do it to reach you outside of work timings— they have no shame about it. Unless it's a genuine emergency, I simply ignore their calls/messages. I even had to block a colleague.' A third shared, 'Teams is documented. When they make requests like this, they don't want evidence. If someone goes to court, they can say it was a rogue manager. But on Teams, every message is logged; they can't do that.' A fourth wrote, 'Absolutely do not work a second on the weekend unless it's your own fault for not being able to in the week. Very slippery slope. Pretty sure none of us gets paid overtime for that.' Forced to work 20 unpaid hours: In a separate incident, a software developer claimed on Reddit about being pressured into working for 20 hours every week, on top of the standard working hours. The employee claimed that the overtime was unpaid. "That's 3 hours every weekday after work and my weekends completely gone,' the employee wrote on Reddit, adding, 'It's unpaid, non-negotiable, and they've made it clear that if I want to grow here, I have to do this.'
