Leave it to the federal government to miscount the labor market by 818,000 jobs!
On Wednesday, the Bureau of Labor announced that the U.S. economy added 68,000 fewer jobs per month over the 12-month period ending in March 2024 than originally estimated.
After previously lauding a supposedly robust economy, many media outlets sheepishly admitted on Wednesday that tales of economic recovery may have been overstated or premature.
“The revised data comes after July’s weak employment report that sparked concerns the U.S. economy could be cracking under the highest interest rates in 23 years,” CBS News reported. “The downward revision adds evidence of a slowing labor market, and could reinforce the Federal Reserve’s plan to start cutting interest rates soon, economists said.”
The initial tally of 242,000 new jobs each month plummeted to 174,000 after the Labor Department’s retraction on Wednesday.
Former President Donald Trump accused the Harris-Biden Administration of “fraudulently manipulating Job Statistics to hide the true extent of the Economic Ruin they have inflicted upon America.”
Independent presidential longshot Robert F. Kennedy Jr.’s running mate, Nicole Shanahan, claimed, “The Bureau of Labor Statistics (BLS) has long been used as a tool of propaganda by the executive branch. Here’s how: they distort definitions, manipulate data, exclude discouraged workers, and revise past reports to create narratives that fit the agenda of whichever administration is in power.”
Meanwhile, President Joe Biden defended his job-growth record on Monday, two nights before the major news broke, stating he helped create 16 million jobs in less than four years.
The overnight discovery that number was nearly one million jobs over the mark stunned the nation. To make matters worse, employers added 65,000 fewer jobs last month than economists had predicted, while the unemployment rate climbed to 4.3%.
Each new worrying trend proves we have a long road ahead for revitalizing the American economy. Despite experts’ dogged avowal that the economy is stronger than ever, it’s no surprise that most voters may hold a different view.
One thing we can all agree on is this: those who miscalculate the labor market by 818,000 jobs are probably not competent enough to fix our economy.
It’s time to send the career politicians and entrenched bureaucrats packing. It’s time to recreate a financial system that works for the American people. With an Article V convention we can do all that and more. Show your support today when you sign the Convention of States petition below!
818,000 jobs vanished overnight. Kind of.
Published in Blog on August 22, 2024 by Jakob Fay
