Government figures for job growth over the past year have been significantly revised after being overestimated by more than 800,000 jobs.
The Bureau of Labor Statistics reported Wednesday that job growth throughout the 12 months ending in March would be revised downward by 818,000 jobs, a hefty drop that is roughly equivalent to 0.5% of total jobs, according to <a href="https://www.washingtonexaminer.com/policy/finance-and-economy/3129087/job-growth-set-to-be-revised-down-by-818000-jobs/">The Washington Examiner</a>. A downward revision of <a href="https://nypost.com/2024/08/20/business/wall-street-banks-brace-for-downward-revision-of-1m-fewer-jobs/">more than 501,000</a> would be the largest in 15 years.
The drop knocks the average monthly job growth over those 12 months down from about 242,000 jobs to about 174,000. The revisions are preliminary and part of an annual review process that reconciles and revises monthly data with more reliable but slower-coming records from state governments, according to <a href="https://www.nytimes.com/2024/08/21/business/economy/us-jobs-economy.html">The New York Times</a>.
<a href="https://www.amiracist.com/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.amiracist.com/&amp;source=gmail&amp;ust=1724211156439000&amp;usg=AOvVaw2-L2DitSaIUj5wz8v0bgxx">Tickets for “Am I Racist?” are on sale NOW! Buy here for a theater near you.</a>
Daily Wire host Ben Shapiro said in a post on X that the revision is “amazing for two reasons.”
First, “[t]hey&#8217;ve been lying for a year about Biden job creation,” Shapiro said. Secondly, “[t]hey&#8217;re dumping this data just in time to justify a Federal Reserve interest rate decrease for the election.”
<blockquote class="twitter-tweet">
This is amazing for two reasons. 
1. They&#8217;ve been lying for a year about Biden job creation. 
2. They&#8217;re dumping this data just in time to justify a Federal Reserve interest rate decrease for the election. <a href="https://t.co/p5D8aqT7EW">https://t.co/p5D8aqT7EW</a>
— Ben Shapiro (@benshapiro) <a href="https://twitter.com/benshapiro/status/1826270191933948137?ref_src=twsrc%5Etfw">August 21, 2024</a></blockquote>
&nbsp;
The revised figures will be incorporated into official government data next year after the revisions are finalized.
The revision would bring jobs numbers into line with other economic indicators that have suggested that the strong jobs reports over the past year were at the very least an outlier, if not giving a false impression of the health of the economy, according to the Times.
Michelle Bowman, a member of the Federal Reserve’s Board of Governors, <a href="https://www.federalreserve.gov/newsevents/speech/bowman20240820a.htm" target="_blank" rel="noopener">said</a> in a speech on Tuesday that there are “risks that the labor market has not been as strong as the payroll data have been indicating.”
The reduction in the jobs numbers may be cited by Federal Reserve officials next month if they decide to lower interest rates. A lowered interest rate could become a campaign talking point for Vice President Kamala Harris as she tries to find an economic message that can connect with Americans who are concerned about the health of the economy by a wide majority.
“A large negative revision would indicate that the strength of hiring was already fading before this past April,” Wells Fargo economists Sarah House and Aubrey Woessner wrote last week, according to the <a href="https://nypost.com/2024/08/20/business/wall-street-banks-brace-for-downward-revision-of-1m-fewer-jobs/" target="_blank" rel="noopener">New York Post</a>. A large revision would make “risks to the full employment side of the Fed’s dual mandate more salient amid widespread softening in other labor market data.”

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Labor Dept Overestimated Job Growth By More Than 800K, Revises Data

CONTINUE READING

Trump Says Netflix Should Fire ‘Racist, Trump Deranged’ Susan Rice

Trump Orders Release Of ‘Any And All’ Info On Aliens And UFOs

Man Targets DHS Building With Stolen Ambulance In Attempted Arson Attack

Bill Gates Drops Out Of Keynote Speech Last Minute As Epstein Rumors Swirl

Trump Left The World Health Org Last Year. Now, He’s Replacing It.

One Of The CDC’s Biggest Critics Is Now In Charge Of The Whole Thing

News

Biden Administration

Bureau of Labor Statistics

Economy

Jobs

Politics

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News —

Labor Dept Overestimated Job Growth By More Than 800K, Revises Data