There are probably several reasons "WHY". Two of the more common ones are:

Msg 262774 of 1/30/2023 1:16:36 PM by Brennus

BLS overestimated 2q22 jobs by 1.5 MILLION

Remember all that 2022 rhetoric that the labor market was SO STRONG we have to aggressively raise interest rates?
All lies! Ha!
At the time, BLS told us 2q22 jobs created were 1.1MM. Earlier this month they adjusted that to -287,000. From large positive jobs to negative. That would amount to about an extra 1% added to unemployment.
That was one of the cornerstones of the fed's uber-aggressive interest rate increase cycle. And it was all a lie...

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That phrase has several definitions that mean the same general thing but differ slightly. Choose the one that fits this situation best. It's use has been heavily exploited by financial interests again beginning in the 1990s.

Smoke and mirrors - Wikipedia

Smoke and mirrors is a classic technique in magical illusions that makes an entity appear to hover in empty space. It was documented as early as 1770 and spread widely after its use by the charlatan Johann Georg Schröpfer, who claimed the apparitions to be conjured spirits. It subsequently became a fixture of 19th-century phantasmagoria shows.

https://en.wikipedia.org › wiki › Smoke_and_mirrors

Smoke and mirrors Definition & Meaning - Merriam-Webster

13 Oct 2022smoke and mirrors plural noun : something intended to disguise or draw attention away from an often embarrassing or unpleasant issue usually hyphenated when used attributively

https://www.merriam-webster.com › dictionary › smoke and mirrors

SMOKE AND MIRRORS | English meaning - Cambridge Dictionary

smoke and mirrors noun [ plural ] uk us an explanation or description that is not true or not complete and is used to hide the truth about a situation:

https://dictionary.cambridge.org › dictionary › english › smoke-and-mirrors

Smoke and mirrors Definition & Meaning | Britannica Dictionary

smoke and mirrors noun Britannica Dictionary definition of SMOKE AND MIRRORS [plural] chiefly US : something that seems good but is not real or effective and that is done especially to take attention away from something else that is embarrassing or unpleasant

https://www.britannica.com › dictionary › smoke-and-mirrors