Bureau of Labor Statistics announced that 818,000 jobs that the Biden-Harris administration claimed to have 'created' do not actually exist
This adjustment, which was the largest downward correction since 2009, came due to an annual revision of the data. The economy added an average of 68,000 fewer jobs per month.
Joe Biden and Kamala Harris at the White House.
The Bureau of Labor Statistics revealed that the job growth figures offered by the federal government are false, and that the economy created 818,000 fewer jobs than boasted by the Biden-Harris administration between April 2022 and March 2023.
This adjustment, which was the largest downward correction since 2009, came due to an annual revision of the data. The economy added an average of 174,000 jobs per month over that time period, down from the previous estimate of 242,000, which equates to about 68,000 fewer jobs per month.
Impact on economic confidence
The revision suggests that the pace of economic recovery is slower than the federal government boasts. The announcement comes at a critical time as the Federal Reserve is evaluating how to manage interest rates to lower inflation.
The review underlines the state of the current economy, and the upcoming release of jobs data will be crucial to better understand the current trend.
28% of Americans are looking for new job
The data reaffirms the trend that the labor market is deteriorating. A new survey from the New York Fed showed that 28.4% of Americans are actively looking for work, the highest figure recorded since March 2014. This includes the unemployed and those already employed and in need of a second job.
"The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the July 2024 SCE Labor Market Survey, which shows a sharp increase in the proportion of job seekers compared to a year ago ... The average expected wage offer (conditional on receiving one) declined year-over-year," the report read.
Economy
28% of Americans are looking for new jobs, the highest rate since 2014
Verónica Silveri Pazos
The New York Fed noted that the increase in job seekers was most pronounced among those over 45, those without a college degree and those with an annual household income of less than $60,000.
The report also indicated that overall job satisfaction has deteriorated, especially among women and people with lower incomes.
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