BLS Unveils Biggest Jobs Downgrade in 15 Years

By
Conservative Research Group
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Joe Biden has always been a braggart, but his boasts seem to have become less true in recent years. His favorite presidential boast is that he has created a lot of jobs (while attributing massive job losses to his predecessor, and glossing over COVID’s impact on the labor markets, both in the early stages of the pandemic as well as the later phases).

We receive “jobs reports”, which tell us, in theory, how many jobs have “been added” to the economy. They also give the unemployment rate. The Bureau of Labor Statistics provides a snapshot of the U.S. payrolls based on surveys of employers and households, rather than actual numbers.

Biden says 16 million “added jobs” have occurred during his administration. It was the same Monday night, during his late-late keynote address to the DNC. Even though the majority of this is post-COVID recovery, Biden has a right to claim that even these numbers are being revised…down.

The US job growth for the year ending March is likely to be lower than originally estimated. This could fuel concerns that the Federal Reserve will fall further behind in lowering interest rates.

Goldman Sachs Group Inc. and Wells Fargo & Co. expect that the preliminary benchmark revisions by the government on Wednesday will show that payroll growth for the year up to March was at least 600,00 lower than current estimates — or about 50,000 a month.

Goldman Sachs forecasts a drop of up to a million. JPMorgan Chase & Co. sees a decrease of 360,000.

They’re being revised to the tune of 818,000.

This means that the Biden-Harris Administration’s favorite bubble of bragging just burst. They won’t acknowledge it, but why should they?

If we remove COVID and include this astonishing revision, former president Donald Trump is entitled to claim that 6.7 million jobs were added during their respective terms. President Joe Biden and Vice President Kamala Harris can both claim…5.6 million jobs added.

This is the biggest downward revision in over 15 years. It’s not a good sign for the job market.