In what might be the least surprising news of the day, the Bureau of Labor Statistics has “revised” the job growth numbers from the first quarter of 2024, and the downward adjustment is scandalously high, suggesting deliberate manipulation of employment numbers by the Biden-Harris administration.
“U.S. job growth in the year through March was likely far less robust than initially estimated, which risks fueling concerns that the Federal Reserve is falling further behind the curve to lower interest rates,” reports Bloomberg. “Goldman Sachs Group Inc. and Wells Fargo & Co. economists expect the government’s preliminary benchmark revisions on Wednesday to show payrolls growth in the year through March was at least 600,000 weaker than currently estimated — about 50,000 a month.”
The number of fake jobs that the Biden-Harris administration falsely claimed had been added to the economy in the first quarter could get significantly higher, too.
While JPMorgan Chase & Co. forecasters see a decline of about 360,000, Goldman Sachs indicates it could be as large as a million.
There are a number of caveats in the preliminary figure, but a downward revision to employment of more than 501,000 would be the largest in 15 years and suggest the labor market has been cooling for longer — and perhaps more so — than originally thought. The final numbers are due early next year.
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As it stands now, the BLS data show the economy added 2.9 million jobs in the 12 months through March 2024, or an average of 242,000 per month. Even if the total revision is as high as a million, monthly job gains would average around 158,000 — still a healthy pace of hiring but a moderation from the post-pandemic peak.
According to Business Insider, “A large downward revision in job growth could also shake up markets, putting negative pressure on stock prices as investors grapple with a potential growth scare in the economy and recession concerns following the weaker-than-expected July jobs report.”
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The Trump campaign understandably accused the Biden-Harris campaign of cooking the books.
🚨 MAJOR 🚨
Kamala was cooking the books the whole time — and lying to the American people while she did it.
Fed Confronts Up to a Million US Jobs Vanishing in Revision https://t.co/LWnSZSHiNw
— Trump War Room (@TrumpWarRoom) August 20, 2024
Trump campaign advisor Jason Miller also accused the administration of election interference.
This isn’t a “revision,” @BGOV, this is a LIE!
And it’s Election Interference!
The Harris Administration has been cooking the books the entire time and now it’s caught up to them!
“Fed Confronts Up to a Million US Jobs Vanishing in Revision” https://t.co/gjHdBadJas
— Jason Miller (@JasonMillerinDC) August 20, 2024
To make matters worse, the labor market is causing Americans to feel “unsettled.”
“The Federal Reserve Bank of New York’s latest survey on consumers’ labor market experiences and expectations showed that job, wage, and benefits satisfaction all sank in July,” reports CNN. “In addition, the survey showed that fewer people were employed, a record share of people were looking for jobs, and the average expected likelihood of becoming unemployed rose to 4.4% — also the highest on record for the survey, which was started 10 years ago.”
