Connect with us

Hi, what are you looking for?

News

US Employment Reports Greatly Exaggerated, Over 400,000 Jobs Mistakenly Added to Total

Just because there is a number in a jobs report from the Biden administration’s Bureau of Labor Statistics does not mean it is necessarily so.

That’s the bottom line of a Fox Business report Saturday that said in the first 11 months of 2023, jobs reports overestimated the number of jobs created by 439,000 positions.

At a time when “Bidenomics” has become President Joe Biden’s shorthand for the economic growth he says he has achieved, Fox Business said the numbers indicate “the job market is not as healthy as the government suggests.”

Fox News noted the jobs report drives a number of economic decisions, from the stock markets to interest rates.

David Rosenberg, founder of Rosenberg Research Associates, offered different numbers but the same conclusion.

“Time to stop trading off the payroll data. The downward revisions in 2023 totalled an epic 443k. More than 40% of payroll growth in 2023 didn’t even come from the survey but from the fairy-tale ‘Birth-Death’ model,” he posted on X.

The problem of overstated job numbers is not a new one.

Bureau of Labor Statistics figures have been wrong before.

In August, the agency admitted that from March 2022 to March 2023, it overstated job growth by 306,000 jobs. The totals included a 358,000 decline in private sector jobs and an increase in government hiring of 52,000 jobs.

In December 2022, the Philadelphia Federal Reserve Bank estimated that the official federal data overstated growth by 1.1 million jobs in the second quarter of 2022.

The totals are only part of what Fox Business noted in the job numbers.

One area of job growth in the past three months has been the government sector. Taxpayer-funded government jobs increased at a rate of about 50,000 a month, according to Fox.

December’s jobs report showed 683,000 people stopped looking for work.

Fox Business said a record 8.69 million people now hold multiple jobs, noting that since June, the economy has shed 1.5 million full-time workers and added 796,000 part-time workers.

READ 25 COMMENTS
  • A. Michaels says:

    Overinflated…..just like Joe’s approval numbers.

  • Teresa says:

    No mistake about it. Biden inflated the numbers to support his lie.

  • TOP STORIES

    News

    Texas has won a legal skirmish in its efforts to make it a state crime to be in the country illegally. On Saturday, a...

    News

    Joe Biden’s administration has admitted transporting migrants on secret flights into the U.S. and lawyers for its immigration agencies claim revealing the locations could...

    News

    Colorado Secretary of State Jena Griswold expressed her disappointment at the Supreme Court’s ruling against her state’s disqualification of former President Donald Trump from...

    News

    Fulton County District Attorney Fani Willis received more bad news on Monday as one of the defendants Willis’ RICO case offered to enter additional...

    >