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President Biden had boasted about the second-quarter job numbers in the heat of the midterm election campaign, using the BLS report as proof that the nation wasn’t headed for a recession.
The Biden administration vastly overstated its estimate that employers created more than 1 million jobs in the second quarter of this year, claiming historic job growth when in fact hiring had stalled, according to a new estimate.
Republican Sen. Rick Scott of Florida called the development “outrageous.”
“Wrong by a million jobs,” Mr. Scott tweeted Friday. “@JoeBiden's admin has been lying to the American people about our economy to prop up his failed agenda & I won't stand for it. I'm requesting an immediate meeting with the head of @BLS_gov. WE NEED ANSWERS NOW!”edit on 21-8-2024 by fringeofthefringe because: (no reason given)
originally posted by: WeMustCare
What is the U.S. Unemployment rate now? THE REAL Unemployment rate?
originally posted by: ByeByeAmericanPie
a reply to: fringeofthefringe
Yikes, I heard about some massive downward revisions today to yesteryear’s jobs estimates too.
Traders be shrugging it off like usual, ridin the gravy train.
Don’t worry Trump will save us
Wednesday's update from the Bureau of Labor Statistics was the largest negative revision since 2009. Still, it was slightly less than feared by forecasters, some of whom had warned it could have been as high as 1 million. Market reaction was largely muted.
Looking at specific states in its region, the Philadelphia Fed said job growth in Pennsylvania for the second quarter was “essentially flat,” while the BLS had reported job growth of 2.9%.
In New Jersey, payroll jobs fell 1.2% in the second quarter, instead of the 3.4% growth reported by the BLS.
In the president’s home state of Delaware, payroll jobs fell by 4.1%, rather than the 4.5% growth reported by the BLS.
The Biden Admin Has Overcounted New Jobs Almost Every Single Month This Year
originally posted by: watchitburn
Biden's commerce secretary Gina Raimondo (who runs the US Bureau of Economic Analysis) is "not familiar" with the Bureau of Labor Statistics which makes up the monthly jobs report
X Source
originally posted by: ByeByeAmericanPie
a reply to: fringeofthefringe
Election interference?
Seriously I think you’re giving presidents too much credit. They can’t control the job market.
Job growth was “essentially flat” in the second quarter with only 10,500 jobs added, the Federal Reserve Bank of Philadelphia said.
Republicans are accusing the administration of lying about the employment data in an election year and are demanding answers.
President Biden had boasted about the second-quarter job numbers in the heat of the midterm election campaign, using the BLS report as proof that the nation wasn’t headed for a recession.
Just talking about who the president is and comparing it to the job market implies the president is driving the jobs numbers.
I’m not really sure the methodology the BLS uses to estimate job creation and job elimination, and why it got revised lower. Are you?
originally posted by: ByeByeAmericanPie
a reply to: fringeofthefringe
That’s just moving money around, not creating jobs.
And yeah I know the BLS surveys businesses and individuals to estimate job creation or contraction. But why did they revise their estimates lower from previous surveys?
Do your links explain why?
Bureau of Labor Statistics projections of industry and occupational employment are developed in a series of six interrelated steps, each of which is based on a different procedure or model and assumptions: labor force, aggregate economy, final demand (GDP) by consuming sector and product, industry output, industry employment, and employment and openings by occupation. The results produced by each step are key inputs to following steps, and the sequence may be repeated multiple times to allow feedback and to ensure consistency. Further detail is presented in the BLS Handbook of Methods. This flow chart illustrates the six step process:
That’s just moving money around, not creating jobs.