(The Center Square) – New federal economic data shows that previous data significantly overestimated the health of the U.S. economy.
The Department of Labor released revised jobs data that showed they overestimated the number of jobs created in the U.S. economy by 818,000, a whopping revision that set off alarm bells Wednesday.
Economic data is often revised, but the size of this change is large enough to raise eyebrows.
“Even this number is shocking, job growth is still positive,” Jamie Cox, managing partner for Harris Financial Group in Richmond, Va., said in a statement. “If you are in the rate cut in September camp, these data all but seal the deal on what Fed needed to cut rates.”
The new job creation numbers are nearly a third lower than the previous figure. The numbers come amid scrutiny of the economic record of Vice President Kamala Harris, the Democratic presidential pick, whose administration oversaw a massive spike in inflation while in office.
To address inflation, the U.S. Federal Reserve hikes interest rates, and those rates have increased significantly in recent years. However, the Fed relies in part on federal jobs data to make those decisions.
“THE DATA DEPENDENT FED IS FLYING BLIND — UNRELIABLE DATA,” Johns Hopkins Professor of Applied Economics Steve Hanke wrote on X.
The revision drew widespread outrage. The Washington Post called Wednesday’s correction a “big fix” to the jobs data, and The Wall Street Journal reported that the job market “was weaker than previously reported.”
“It’s troubling to see the Dept. of Labor issue an unusually large correction to last year’s jobs report,” Rep. Adrian Smith, R-Neb., wrote on X, formerly known as Twitter. “As unemployment rises, American workers need pro-growth action, not the stale policies of the Biden-Harris admin.”
Former President Donald Trump blasted the Biden administration, calling it a “massive scandal.”
“The Harris-Biden Administration has been caught fraudulently manipulating Job Statistics to hide the true extent of the Economic Ruin they have inflicted upon America,” Trump said in a statement. “New Data from the Bureau of Labor Statistics shows that the Administration PADDED THE NUMBERS with an extra 818,000 Jobs that DO NOT EXIST, AND NEVER DID. The real Numbers are much worse than that and, if Comrade Kamala gets another four years, millions more Jobs will VANISH overnight, and Inflation will completely destroy our Country.“
“The Harris-Biden Administration has been caught fraudulently manipulating Job Statistics to hide the true extent of the Economic Ruin they have inflicted upon America,”
This is really not a surprise. The Harris-Biden Administration has been caught fraudulently manipulating and lying about just about everything from presidential elections to illegal immigrant being imported to the U.S. borders being secure to the condition of the economy, i.e. Bidenomics.
And the Democrat Party’s “useful idiots” want to continue this destruction of the U.S. by putting the self-righteous Bimbo puppet Kamala Harris back in the White House as president.
The way these democrats play fast and loose with the truth NOBODY should be shocked in a repeat of the 2020 election steal, where it was misreport and accuse BEFORE the election, then get corrected and get revealed as liars AFTER the election , too late when we get stuck with 4 more years of “It’s better to ask for forgiveness later while in power, than ask for permission before and not get elected. Same allpies to the Basic American truths that set men free when revealed, or when denied and hidden from these truths, get chained like tax slaves to infinite national mindless debt spending on social experiments that just blow up in our faces.
It made me laugh, that because ‘Trump’ called this out, the dems sec of commerce, said “IT must be a lie”..
I have been doing research on Harris and Joe Biden and I would not give either one of them the time of day. They call Trump a convicted Felon. I wonder how many of them have done the same or worse. Years ago I heard that congress has a slush fund for the sole purpose of paying off people that accuse them of sexual abuse. So far I do not have any respect for Congress. They are nothing but greedy power hungry sex fiends.
This can’t be true!! You mean a gubment agency like the BLS (Bunch of Lying Shoots) would deliberately fabricate and control data and then lie, all to maintain the “image” of Slo Joe/Joke and Camela. And at the expense of the US citizens. Yes and every single day. The whole COVID manipulation, suppression, repression, fabrication clearly comes to mind. And that lead to disinformation and misinformation and censoring. Our tax dollars hard at work.