Donald Trump has branded revised jobs data released on Wednesday as a ‘massive scandal’ – after it was revealed the US economy created 818,000 fewer jobs over the last year than originally reported.
The Bureau of Labor Statistics said the jobs growth data for the 12 months to March was actually 30 percent less than it’s initial figure of 2.9 million.
The update, which is based on a more detailed quarterly source, was the largest downward revision since 2009 – coinciding with the global financial crisis.
The figures suggest the labor market started cooling sooner than was originally thought.
Trump accused the Biden-Harris administration of being ‘caught fraudulently manipulating job statistics to hide the true extent of the Economic Ruin they have inflicted upon America.’
Writing on his social media site Truth Social, he claimed the data shows the administration ‘padded the numbers with an extra 818,000 jobs that do not exist, and never did.’
He added that if Kamala Harris wins the election ‘millions more jobs will vanish overnight, and inflation will completely destroy our country.’
The former president also repeated his accusations during a campaign rally in North Carolina on Wednesday.
Revisions of jobs data are done every year, and these figures are not the final numbers, which are due to be released early next year.
Concerns over a slowing labor market triggered a market sell-off earlier this month amid fears the US economy is heading toward a recession.
Job growth in the US badly missed expectations in July and the unemployment rate jumped to the highest rate in almost three years.
Employers added 114,000 jobs last month, which was far below the Dow Jones estimate of 185,000.
The unemployment rate also edged higher to 4.3 percent – the highest level since October 2021.
‘We knew when there was a delay that the numbers weren’t going to be good,’ said Rob Wilson, President of Employco USA, an employment solutions firm.
‘This is a big miss by the Labor Department, said Rob Wilson, President of Employco USA, an employment solutions firm.
‘For this to happen during an election year is particularly egregious.
‘We will never know how much these inaccurate numbers impacted the election, but it’s very troubling to know that false data influenced Americans’ voting decisions,’ he added.
Other economists said the revisions were not a ‘shock’, given some of the estimates were for a larger decline.
Goldman Sachs economists said they expected jobs growth for the year to be at least 600,000 weaker than the estimates – and that the decline could be as much as a million.
Before the report, the initial figures indicated an average of around 242,000 jobs added per month during the year to March 2024.
Now the monthly pace is more likely to be around 174,000, which is still considered a healthy rate of hiring, Bloomberg reported.
‘The revisions aren’t a shock, given the estimates were for one million fewer jobs,’ Robert Frick, corporate economist with the Navy Federal Credit Union, said in a note.
‘This doesn’t challenge the idea we’re still in an expansion, but it does signal we should expect monthly job growth to be more muted and put extra pressure on the Fed to cut rates.’
Markets edged slightly higher after the data was released, as it reinforced forecasts that the Federal Reserve will likely begin cutting interest rates next month.
Traders are now expecting a quarter-point cut in September, which will bring benchmark borrowing rates down from the 23-year high where they have been since July 2023.
Fed Chair Jerome Powell will take the revised figures into account when he speaks at the annual symposium in Jackson Hole, Wyoming, on Friday.
At its last meeting, the central bank said it is focusing more on the labor side of its dual mandate, which also includes bringing the annual inflation rate down to its 2 percent target.
By ignoring the Bidenites’ advice, Israel managed to eliminate many Hamas jihadis (“BIDENITES”) lol
Now the Bidenites are urging Israel to end its war in Gaza because, they claim, there is not much more of Hamas to destroy.
By Hugh Fitzgerald, Frontpage Magazine
The New York Times insists that if Israel rejects the Bidenites’ advice to pull out of Gaza, it does so at its peril:
“NYT admits US officials were wrong about the IDF in October, and wrong about Rafah, but thinks they are right now,” Elder of Ziyon, August 15, 2024:
So these officials were completely wrong in October. They were also wrong about Israel’s taking Rafah, which they now admit is exactly what destroyed Hamas’ supply lines from Egypt – and cost far fewer casualties thna they had confidently predicted.
By ignoring warnings from the Americans not to seize Rafah because of worries over civilian casualties, the IDF managed to kill a great many terrorists who had fled to the southernmost city in the Strip both from Gaza City and from Khan Yunis.
Its control of Rafah has also made it easier for the IDF to control the Kerem Shalom crossing and to seize the Philadelphi Corridor, control of which has allowed the IDF to locate and destroy many tunnels bringing smuggled weapons from Egypt into Gaza.
But the US wants to send a message to Israel, and the New York Times is more than happy to do their bidding:
William J. Burns, the C.I.A. director, is due in Qatar on Thursday. Brett McGurk, President Biden’s Middle East coordinator, has headed to Egypt and Qatar.
Amos Hochstein, a senior White House adviser, landed in Lebanon. One of the messages the officials are expected to deliver is that there is little more Israel can accomplish against Hamas.
Which is the entire point. This article isn’t reporting; it is a mouthpiece for Biden administration talking points.
If you look at what Israel has actually been doing, you would see that its success is not diminishing, but increasing. As it gathers more intelligence from captured terrorists and taking materials it discovers, it is getting more and more accurate than when it started….
Consistently, Israel has gotten better and better at targeting the terrorists.
The entire reason that the Palestinians made up huge casualty lies about the airstrike on the Al Taabin school is becase [sic] it was a triumph of intelligence, taking out over 30 terrorists gathered in the mosque – a proportional attack by any definition of the term under international law….
In its latest statement on the airstrike, the IDF has now identified by name 38 Hamas terrorists killed at the command-and-control center functioning inside the Al Tabin school.
That means in that operation at most 55 civilians were killed, and the ratio of civilian-to-combatant deaths was 55:36, or 1:5:1, an unheard-of ratio in the annals of warfare.
Many Hamas commanders, and leaders of its “political” wing, too, are being systematically eliminated by the IDF.
Ismail Haniyeh, head of Hamas’ “political wing,” was recently blown up in at a Tehran guesthouse. Hamas’ military commander in Gaza, Muhammad Deif, was killed on July 13. A deputy commander of the Al-Qassam Brigades, Marwan Issa, was killed in March.
And dozens of other high-ranking Hamas combatants have also been killed, as the IDF continues its relentless campaign of targeted assassinations.
Those in Washington who predicted last October that an Israeli invasion of Gaza to destroy Hamas would not succeed were proven wrong.
Those who then insisted that the IDF should refrain from entering Rafah because it could not possibly evacuate more than a handful of its estimated one million inhabitants were proven wrong again.
In May, the IDF managed in a matter of weeks to move 950,000 people out of the city.
Now the Bidenites are urging Israel to end its war in Gaza because, they claim, there is not much more of Hamas to destroy, and the IDF needs to avoid further civilian casualties. Neither is correct.
Though the IDF has had a stunning success in dismantling Hamas, killing at least 17,000 of its combatants, there remain roughly the same number who, if not seriously wounded, are still capable of fighting, and they need to be smashed as a fighting force even if they cannot be entirely eliminated.
As for civilian casualties, in the last three months Hamas has continued to claim roughly 38,000-39,000 casualties, as usual without distinguishing between civilians and Hamas operatives.
The IDF has over the past nine months honed its ability to minimize civilian casualties, having ever greater success in warning people away from places about to be targeted, by making greater use of precision weapons, and by relying less on airstrikes and more on ground troops in its operations.
When Hamas recognizes reality, and agrees to the deal that Israel now is willing to accept, this war in Gaza will stop, and the IDF can turn its full attention to much more threatening enemies — Hezbollah and its puppet-master Iran.
The IDF high command has not forgotten the Talmudic injunction: “If someone comes to kill you, rise up and kill him first.” (WISE WORDS”~ The Hebrew term Talmud (“study” or “learning”) commonly refers to a compilation of ancient teachings regarded as sacred and normative by Jews from the time it was compiled until modern times and still so regarded by traditional religious Jews).
Trump is going to keep running his mouth until he loses this election. Too many people are becoming resentful of his “hate politics”. Quote the numbers and tell us what he’ll do to fix it. Speak on the counting mistake without all the name calling. That is school yard tactics.
LMAO! Just saw a skit that asked Democrats what their favorite Kamala Harris the greatest policy they liked was? These idiots couldn’t name a single policy. Except she would allow people to do as they like with their bodies… STILL lmmfao. Pelosi frog was so old it choked her to try and come up with one. These are the most ignorant people who exist on earth. All these years I thought I was below my IQ and their high and mighty. . Hollywood actors forever is what these feckless, murderous liars are. Enjoy the colorful joy of ignorance Democrats. You don’t have a leg to stand on, or a snowballs chance in hell to Win the 2024 election. Good luck with your bodies, this explains thoroughly what you TRULY stand for. Laughing right now with the rest of the real world….LOMFAO