Fewer jobs were added to the U.S. economy in August than expected, while unemployment slightly decreased from July, according to the most recent report from the Bureau of Labor Statistics released on Friday. 
The data indicates that 142,000 jobs were added last month, about 20,000 less than the 161,000 economists had <a href="https://www.cnbc.com/2024/09/06/jobs-report-august-2024.html" target="_blank" rel="noopener">expected</a>. Unemployment declined from 4.3% in July, the <a href="https://www.dailywire.com/news/unemployment-rate-reaches-highest-point-in-nearly-3-years" target="_blank" rel="noopener">highest</a> since October 2021, to 4.2% in August. 
According to the report, the two largest sectors for growth last month were construction and healthcare, which added 34,000 and 31,000 jobs, respectively. The labor force participation rate is 62.7%, which is about the same as last year. 
“The number of people employed part time for economic reasons was little changed at 4.8 million in August,” the <a href="https://www.bls.gov/news.release/empsit.nr0.htm" target="_blank" rel="noopener">report</a> said. “This measure is up from 4.2 million a year earlier. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs.”
The Bureau of Labor Statistics has consistently revised job creation numbers downward over the last few months, including drops of 25,000 in July and 61,000 in June. Last month, it revealed that for the year that ran from April 2023 to March 2024, the bureau <a href="https://www.dailywire.com/news/labor-dept-overestimated-job-growth-by-more-than-800k-revises-data" target="_blank" rel="noopener">overestimated</a> the number of jobs created by 818,000. 
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Some economists said the report suggested that the economy is still struggling as fears of a recession prompted global markets to <a href="https://www.dailywire.com/news/dow-drops-more-than-1000-points-as-global-markets-plunge-amid-recession-fears" target="_blank" rel="noopener">plunge</a> last month. 
Analyzing the report, Heritage Foundation economist E.J. Antoni <a href="https://x.com/RealEJAntoni/status/1832038872726819243" target="_blank" rel="noopener">noted</a> that the economy was losing higher-paying jobs while adding part-time jobs. 
“All of the net job growth in Aug was part-time employment (+527k), while full-time jobs plummeted (-438k); we&#8217;re hemorrhaging higher-paying jobs w/ benefits and replacing them with multiple part-time ones &#8211; these higher payroll numbers are a sign of impoverishment, not growth,” he said. 
Alfredo Ortiz, CEO of Job Creators Network, <a href="https://www.jobcreatorsnetwork.com/press_releases/job-creators-network-responds-to-august-jobs-report/">said</a> the report “reveals accelerating weakness in the American economy.”
“Job creation was below expectations, and half of new positions were created in the unproductive government or quasi-government healthcare and social services sector,” he added. &#8220;A record 8.2 million Americans have second jobs. Prior months’ job creation was significantly revised down – again. So far this year, the number of unemployed Americans has increased by one million.”
RELATED: <a href="https://www.dailywire.com/news/labor-dept-overestimated-job-growth-by-more-than-800k-revises-data">Labor Dept Oversestimated Job Growth By More Than 800K, Revises Data</a>

New Home Sales Fall For Second Month As Mortgage Rates Rise

August Jobs Report Falls Short Of Expectations As More Americans Take Part-Time Jobs

Bureau of Labor Statistics

Economics

Economy

Jobs

Politics

Unemployment

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>.
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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.”

President Biden And Vice President Kamala Harris Speak In Maryland

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

Biden Administration

The latest jobs report sent mixed signals, showing <a href="https://www.dailywire.com/topic/unemployment" target="_blank" rel="noopener">joblessness</a> ticking up after a long stretch of low unemployment while the economy added new jobs faster than expected.
The unemployment rate unexpectedly jumped to 4% last month, according to the May jobs report, <a href="https://www.bls.gov/news.release/empsit.nr0.htm" target="_blank" rel="noopener">released</a> Friday by the Labor Department.
For the past 27 months, the unemployment rate had remained below 4%, the longest such stretch since the 1960s.
The unemployment rate for black Americans <a href="https://www.bloomberg.com/news/live-blog/2024-06-07/us-employment-report-for-may?srnd=homepage-americas&amp;sref=vuYGislZ" target="_blank" rel="noopener">jumped</a> to 6.1% from 5.6%, while for white people, the unemployment rate remained lower than the overall rate at 3.5%.
The labor force participation rate also dipped suddenly to 62.5%, mostly due to young workers between the ages of 20 and 24 abandoning the job market.
Meanwhile, the U.S. economy added jobs faster than expected last month, although much of that growth was in part-time jobs, while the number of full-time jobs has fallen. A year ago in May, there were <a href="https://www.zerohedge.com/markets/inside-most-ridiculous-jobs-report-years" target="_blank" rel="noopener">over</a> a million more full-time jobs than there were last month.
Also, many of the new jobs went to migrants.
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The number of U.S.-born workers <a href="https://www.zerohedge.com/markets/inside-most-ridiculous-jobs-report-years" target="_blank" rel="noopener">fell</a> last month by 663,000 to about 130,445,000. Meanwhile, the number of foreign-born workers rose by 414,000.
Employers added 272,000 new non-farm jobs last month, beating economists’ estimates of about 180,000 jobs and a 3.9% unemployment rate.
Most of the new jobs appeared in health care with 68,000 additional jobs, government with 43,000 jobs, and leisure and hospitality with 42,000 jobs.
Manufacturing and construction jobs also ticked higher last month.
The high number of new jobs could discourage officials at the Federal Reserve from cutting interest rates this year since they have been waiting for the job market to cool while unemployment remains low.
Despite the robust job gains, the Labor Department&#8217;s household survey showed 408,000 fewer people working last month.
Wage gains exceeded expectations, with average hourly pay rising by 0.4% in May from the previous month. This brings the average hourly wage up 4.1% over the past year.
President Biden celebrated the jobs report, <a href="https://www.nytimes.com/live/2024/06/07/business/may-jobs-report" target="_blank" rel="noopener">declaring</a> in a release, “On my watch, 15.6 million more Americans have the dignity and respect that comes with a job.”
At the same time, former President Trump&#8217;s campaign slammed the jobs report in one of the campaign&#8217;s daily emails, calling the report &#8220;yet another indication that &#8216;Bidenomics&#8217; does not work.&#8221;
The economy has loomed large as the election cycle heats up, with voters <a href="https://www.cbsnews.com/news/economy-top-issue-voters-presidential-election-2024/" target="_blank" rel="noopener">saying</a> inflation is their top concern, according to recent polls. Immigration and the crisis at the border has also polled as a top issue in recent months, at times even eclipsing the economy.

Group of unrecognizable candidates waiting for a job interview.

Unemployment Jumps Suddenly In May Jobs Report

2024 Election

Biden

U.S.

<a href="https://www.dailywire.com/news/who-is-disneys-new-star-wars-director-the-queen-of-raunch-comedy" target="_blank" rel="noopener">Disney</a> has begun major layoffs at <a href="https://www.dailywire.com/news/pixars-elemental-with-non-binary-character-flops-at-box-office-with-2nd-worst-opening-in-studio-history" target="_blank" rel="noopener">Pixar</a> Animation Studios as part of proposed cost-cutting measures it announced earlier this year.
Nearly 200 people, or approximately 14 percent of the company&#8217;s work force, will be let go as part of the biggest restructuring in the history of the studio, the <a href="https://www.hollywoodreporter.com/business/business-news/pixar-layoffs-hit-storied-animation-studio-1235904847/" target="_blank" rel="noopener">Hollywood Reporter</a> noted. However, none of the layoffs will affect top leadership, the outlet reported.
In January, <a href="https://www.reuters.com/business/media-telecom/disney-owned-animation-studio-pixar-poised-undergo-layoffs-2024-techcrunch-2024-01-11/" target="_blank" rel="noopener">Reuters</a> reported that the layoffs could go as high as 20%, bringing the total number of employees at the studio to under 1,000.
Pixar will focus on its feature films and not on direct-to-streaming series, as had been the focus during the pandemic, THR noted. 
The cuts are part of proposed changes by Disney CEO <a href="https://www.dailywire.com/news/disney-ceo-bob-iger-addresses-recent-marvel-and-pixar-flops" target="_blank" rel="noopener">Bob Iger</a>, who said in 2023 that Disney planned to reduce streaming content, focus on quality, and cut its workforce by thousands to save money, as previously <a href="https://www.dailywire.com/news/disney-to-cut-thousands-of-jobs-to-save-money-as-desantis-set-to-take-control-of-companys-orlando-district-under-new-bill-report" target="_blank" rel="noopener">reported</a>.
Variety <a href="https://variety.com/2023/biz/news/disney-layoffs-cost-savings-1235517203/" target="_blank" rel="noopener">reported</a> in February 2023 that Iger said on the company’s earnings call for the final quarter of fiscal year 2022 that the company will reduce its workforce by 7,000 employees.
The cut represents 3.2% of the company’s 220,000 global workforce, the report said.
The company hopes to save more than $5 billion in costs, half of which is aimed at cutting back on “non-content costs,” the report said. The company also is looking to cut back on sports by roughly $3 billion.
“I have enormous respect and appreciation for the dedication of our employees worldwide,” Iger said.
<blockquote class="twitter-tweet">
14% of Pixar’s employees will be laid off as part of Disney’s cost-cutting measures.
It will be the biggest restructuring in Pixar&#8217;s history.
(Source: <a href="https://t.co/T98Rp0iWUu">https://t.co/T98Rp0iWUu</a>) <a href="https://t.co/nugpFGzA0n">pic.twitter.com/nugpFGzA0n</a>
— DiscussingFilm (@DiscussingFilm) <a href="https://twitter.com/DiscussingFilm/status/1792929342927863955?ref_src=twsrc%5Etfw">May 21, 2024</a></blockquote>
The report said that Iger laid out a new company structure for Disney comprised of three separate segments: Disney Entertainment, ESPN, and Disney Parks.
In June last year, 75 jobs were cut at Pixar, including two executives responsible for the box office flop of “Lightyear,” <a href="https://www.reuters.com/business/walt-disneys-pixar-animation-eliminates-75-positions-2023-06-03/">Reuters</a> reported. The cuts included &#8220;Lightyear&#8221; director Angus MacLane, a 26-year animator, and Galyn Susman, producer of &#8220;Lightyear,&#8221; the outlet noted.
The studio — responsible for the popular &#8220;Toy Story,&#8221; &#8220;The Incredibles,&#8221; and &#8220;Cars&#8221; franchises — suffered with the box office failure of &#8220;Lightyear.&#8221; The animated film had a reported budget of $200 million and ended up only bringing in $<a href="https://www.boxofficemojo.com/title/tt10298810/?ref_=bo_se_r_1">226.7 million</a> in worldwide ticket sales. By comparison, “<a href="https://www.boxofficemojo.com/title/tt0435761/?ref_=bo_se_r_2" target="_blank" rel="noopener">Toy Story 3</a>” and “<a href="https://www.boxofficemojo.com/title/tt1979376/?ref_=bo_se_r_4" target="_blank" rel="noopener">Toy Story 4</a>” each earned more than $1 billion globally.
Ryan Saavedra contributed to this piece.

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Disney Has Begun Major Layoffs At Pixar Animation Studios

Celebrities

Disney

Entertainment

Lightyear

Pixar

The U.S. Bureau of Labor Statistics (BLS) released its report for April on Friday, and it was bad news for Americans: job growth was far less than had been projected, showing the smallest gain in six months. Additionally, the unemployment rate rose to 3.9% and wage growth slowed.
“The jobless rate tied for the highest level since January 2022. A more encompassing rate that includes discouraged workers and those holding part-time jobs for economic reasons also edged up, to 7.4%, its highest level since November 2021,” CNBC <a href="https://www.cnbc.com/2024/05/03/jobs-report-april-2024-us-job-growth-totaled-175000-in-april.html">noted</a>.
Nonfarm payrolls only rose 175,000 in April; the average monthly gain had been 242,000 over the prior year. Bloomberg Economics’ Anna Wong and Stuart Paul <a href="https://www.bloomberg.com/news/live-blog/2024-05-03/us-employment-report-for-april?srnd=homepage-americas&amp;sref=vuYGislZ" target="_blank" rel="noopener">acknowledged</a> the numbers were “weaker than expected.” James Knightley, chief international economist at ING, said this was “the first time we have seen every part of the report come in weaker than expected for a very long time.”
Former President Trump weighed in as the numbers were announced, <a href="https://truthsocial.com/@realDonaldTrump/posts/112377243739839296" target="_blank" rel="noopener">writing</a> on Truth Social, “HORRIBLE JOB NUMBERS JUST ANNOUNCED. A BIG MISS FROM FAKE ESTIMATES. THEY SHOULD HAVE ASKED ME TO GIVE THE FORECAST. BIDEN IS DESTROYING OUR COUNTRY!!!”
“The change in total nonfarm payroll employment for February was revised down by 34,000, from +270,000 to +236,000, and the change for March was revised up by 12,000, from +303,000 to +315,000. With these revisions, employment in February and March combined is 22,000 lower than previously reported,” BLS <a href="https://www.bls.gov/news.release/empsit.nr0.htm" target="_blank" rel="noopener">reported</a>.
The unemployment rate for adult men increased to 3.6% in April, BLS stated. Construction employment rose only 9,000 in April after increasing 40,000 in March. Construction employment had risen by an average of 22,000 jobs per month over the last year.
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The higher jobless rate feeds into Americans&#8217; continued concern surrounding inflation. A whopping 41% of respondents named inflation as their primary financial concern in Gallup’s annual <a href="https://news.gallup.com/poll/644690/americans-continue-name-inflation-top-financial-problem.aspx" target="_blank" rel="noopener">Economy and Personal Finance poll</a> last month, far ahead of the area of second-most concern, the cost of renting or buying a home, which came in at 14%.

New paper jobs and careers page.

Jobs Report Comes In ‘Weaker Than Expected,’ Trump Says It’s ‘A Big Miss From Fake Estimates’

Donald Trump

“Dirty Jobs” host <a href="https://www.dailywire.com/topic/mike-rowe">Mike Rowe</a> weighed in on the future of <a href="https://www.dailywire.com/topic/colleges">higher education</a>, saying he believes <a href="https://www.dailywire.com/topic/gen-z">Gen Z</a> will become &#8220;the next toolbelt generation.”
The 62-year-old recently appeared on Fox News’ &#8220;One Nation with Brian Kilmeade” to discuss a recent Wall Street Journal report highlighting increased enrollment into vocational training programs.
Kilmeade asked Rowe to comment on the data, which comes from the National Student Clearinghouse. It showed a 16% increase in overall enrollment for vocational-focused community colleges compared to 2022. The Journal also noted an increase of 23% for students pursuing construction jobs and a 7% rise in students enrolled in Heating, Ventilation, and Air Conditioning (HVAC) and vehicle repair.
While the “Dirty Jobs” star said he wasn’t “ready for the victory lap” after seeing the data, he said that he believes Gen Z is more willing to consider trades, which he believes is positive.
“The color of collars is no longer the thing it used to be,” Rowe said, referencing the classification of blue-collar versus white-collar workers. “I just don’t think it matters.”
“The idea that the generation that has become the biggest target for entitlements and a lack of work ethic… I mean, these guys are an easy target. They’re snowflakes, essentially. But… we’re the clouds from which the snowflakes fell. And whatever you want to say about Gen Z, they will be the next toolbelt generation. Because the evidence demands a verdict,” he continued. 
The Discovery Channel host went on to mention the exorbitant cost of college as a significant driver for the switch. 
“And these kids have been around, and they’re seeing $94,000 a year at Tufts,” he went on. “They&#8217;re seeing all of the craziness… Brown and Dartmouth and Harvard. They&#8217;re seeing a $52 billion endowment at Harvard. They&#8217;re seeing all the craziness that&#8217;s constantly in the headlines,&#8221; Rowe said. &#8220;And they&#8217;re just saying, &#8216;Look, why do I want to start a career in a major I haven&#8217;t even declared yet and go that far into debt to pursue a job that probably doesn&#8217;t even exist, when we got 10,000 other jobs over here… that don&#8217;t require a four-year degree?'&#8221;
At another point in the conversation, Rowe mentioned how he finds it interesting that in the past, people worried about blue-collar jobs being replaced with technology, but now, with the popularity of AI, more are concerned about white-collar industries changing.
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&#8220;The automation thing, you know, it&#8217;s funny — not ‘ha-ha’ funny, but interesting that the idea that the robots are coming to displace all of these so-called blue-collar jobs that have been around for 15 years,&#8221; Rowe said. &#8220;Now it&#8217;s AI, and the target is more white-collar jobs.&#8221;
&#8220;Look, plumbers are not going to be outsourced,&#8221; he continued. &#8220;Electricians, steam fitters, pipe fitters, the people my foundation tries to assist — they have a level of job security that the article in the Journal is referencing, and it&#8217;s a big deal, because those jobs have always been here for the last 20 years, as long as I&#8217;ve been doing this, they&#8217;ve been open, and it&#8217;s starting to tip where we&#8217;re literally turning a tanker around with regard to perceptions.&#8221;

Mike Rowe

Mike Rowe Reacts To Rise In Skilled Trade Enrollment, Calls Gen Z ‘The Next Toolbelt Generation’

Mike Rowe Reacts To Increase In Skilled Trade Enrollment, Calls Gen Z 'The Next Toolbelt Generation' 

College

Gen Z

President <a href="https://www.dailywire.com/topic/joe-biden" target="_blank" rel="noopener">Joe Biden&#8217;s</a> economy took a gut punch on Wednesday when a hotter-than-expected inflation report dropped, revealing a 3.5% increase over the last 12 months — the highest year-over-year increase since last September.
According to the latest <a href="https://www.cnn.com/2024/04/10/markets/markets-fall-cpi-inflation-report/index.html" target="_blank" rel="noopener">Consumer Price Index data</a> — which was released by the Bureau of Labor Statistics — key drivers of the higher rates include car insurance, groceries, electricity, and gas. New parents and pet owners are feeling the pinch as well, with baby food now up over 30% since 2021 and pet food up 23.7%.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
🚨SINCE BIDEN TOOK OFFICE: 
Gasoline: 47.8% Groceries: +21.1% Eating out: +21.4% Baby food: +30.5% Pet food: +23.7% Rent: +20.9% Electricity: +28.3% Natural gas: +26.9% Used cars: +20.9% Air fare: +32.7% Public transportation: +22.2% Real average weekly earnings: -3.9%
&mdash; Jacki Kotkiewicz (@jackikotkiewicz) <a href="https://twitter.com/jackikotkiewicz/status/1778041940069564578?ref_src=twsrc%5Etfw">April 10, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The higher-than-expected inflation numbers come just a day after Treasury Secretary Janet Yellen insisted that overall household finances were &#8220;<a href="https://www.dailywire.com/news/sec-yellen-econ-splains-to-average-americans-your-finances-are-fine-everything-is-fine" target="_blank" rel="noopener">quite strong</a>&#8221; — and may put a sizable kink in any plans to begin bringing interest rates back down.
Critics of the Biden economy weighed in on the news, noting that the inflation crisis was certainly not, as promised, transitory.
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&#8220;Remember when the admin said inflation was transitory? Overall prices are still up 19.4% since Biden entered office. Oklahomans are paying nearly double at the grocery store. Rent, transportation, and energy costs are still way too high. Americans can&#8217;t afford the Biden economy,&#8221; Senator Markwayne Mullin (R-OK) said.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Remember when the admin said inflation was transitory? Overall prices are still up 19.4% since Biden entered office. Oklahomans are paying nearly double at the grocery store. Rent, transportation, and energy costs are still way too high. Americans can&#39;t afford the Biden economy.
&mdash; Markwayne Mullin (@SenMullin) <a href="https://twitter.com/SenMullin/status/1778076375573827658?ref_src=twsrc%5Etfw">April 10, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Rep. Wesley Hunt (R-TX) added, &#8220;Prices RISE by 3.5% in March over last year. But don’t believe your lying eyes. Biden told us it would be temporary, it would be transitory, and that costs were under control. It’s NEVER been more expensive to live in this economy.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Prices RISE by 3.5% in March over last year. 
But don’t believe your lying eyes. 
Biden told us it would be temporary, it would be transitory, and that costs were under control.
It’s NEVER been more expensive to live in this economy. <a href="https://t.co/7FLDyXg6Ah">pic.twitter.com/7FLDyXg6Ah</a>
&mdash; Wesley Hunt (@WesleyHuntTX) <a href="https://twitter.com/WesleyHuntTX/status/1778104658420019601?ref_src=twsrc%5Etfw">April 10, 2024</a></blockquote>
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Economist Stephen Moore shared side-by-side comparisons in three key areas that explained why Americans are not as enthusiastic about the economy as they were before Biden took office.
<ul>
<li>Inflation: Jan &#8217;21, 1.4%; March &#8217;24, 3.5%</li>
<li>30-year fixed mortgage rate: Jan &#8217;21, 2.65%; March &#8217;24, 6.82%</li>
<li>Average gas price: Jan &#8217;21, $2.39; March &#8217;24, $3.39</li>
</ul>
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Bidenomics:  
𝐈𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 Jan &#39;21: 1.4%  March &#39;24: 3.5%
𝟑𝟎-𝐘𝐞𝐚𝐫 𝐅𝐢𝐱𝐞𝐝 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐑𝐚𝐭𝐞 Jan &#39;21: 2.65%  March &#39;24: 6.82%  
𝐀𝐯𝐞𝐫𝐚𝐠𝐞 𝐆𝐚𝐬 𝐏𝐫𝐢𝐜𝐞 Jan &#39;21: $2.39  March &#39;24: $3.39
&mdash; Stephen Moore (@StephenMoore) <a href="https://twitter.com/StephenMoore/status/1778090695284154794?ref_src=twsrc%5Etfw">April 10, 2024</a></blockquote>
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The Republican National Committee (@RNCResearch) also posted a comparison chart showing the inflation rates of specific items under President Biden and under former President Donald Trump.
&#8220;You&#8217;ll never convince Americans that Biden&#8217;s economy is better than President Trump&#8217;s economy — because it isn&#8217;t,&#8221; the caption read. &#8220;SEE FOR YOURSELF.&#8221;
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You&#39;ll never convince Americans that Biden&#39;s economy is better than President Trump&#39;s economy — because it isn&#39;t.
SEE FOR YOURSELF: <a href="https://t.co/Vww0dhubnV">pic.twitter.com/Vww0dhubnV</a>
&mdash; RNC Research (@RNCResearch) <a href="https://twitter.com/RNCResearch/status/1778130220265918897?ref_src=twsrc%5Etfw">April 10, 2024</a></blockquote>
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Fox Business host Dagen McDowell added a twist as well, noting that President Biden&#8217;s continued insistence on unilaterally canceling student loans — in defiance of the Supreme Court — would only make things worse for families already feeling the pinch from inflation.
&#8220;Food, energy, car insurance (+22% y/y)! This is an unavoidable hardship and anxiety for working Americans,&#8221; McDowell said. &#8220;So Joe Biden again screws them + the nearly 90% of Americans with NO STUDENT LOAN DEBT and then hands them the bill for bailing out college graduates who didn’t feel like paying off their own debts.&#8221;
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INFLATION WORSENING. 3-month annualized CPI ⬆️4.6% core ⬆️4.5% Food, energy, car insurance (+22% y/y)! This is an unavoidable hardship and anxiety for working Americans. So Joe Biden again screws them+the nearly 90% of Americans with NO STUDENT LOAN DEBT and then hands them the…
&mdash; Dagen McDowell (@dagenmcdowell) <a href="https://twitter.com/dagenmcdowell/status/1778100562199789948?ref_src=twsrc%5Etfw">April 10, 2024</a></blockquote>
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Even Ron Klain, Biden&#8217;s own former White House Chief of Staff, <a href="https://www.politico.com/news/2024/04/09/ron-klain-joe-biden-infrastructure-00151438?nname=playbook&amp;nid=0000014f-1646-d88f-a1cf-5f46b7bd0000&amp;nrid=00000159-ec5d-da62-a5d9-ec5fbcf90000&amp;nlid=630318" target="_blank" rel="noopener">told Politico</a> that Biden was making a strategic mistake when it came to the obvious problem of inflation and his reelection campaign.
&#8220;I think the president is out there too much talking about bridges. He does two or three events a week where he’s cutting a ribbon on a bridge. And here’s a bridge. Like I tell you, if you go into the grocery store, you go to the grocery store and, you know, eggs and milk are expensive, the fact that there’s a f***ing bridge is not &#8230; Like it’s a bridge, and how interesting is the bridge? It’s a little interesting but it’s not a lot interesting.&#8221;

President Biden Hosts Ireland’s Prime Minister Leo Varadkar

Biden’s Claims Of Economic Victory Slapped Back By Worse-Than-Expected Inflation Report

Biden's Claims Of Economic Victory Slapped Back By Worse-Than-Expected Inflation Report

Inflation

Joe Biden

New York Governor <a href="https://www.dailywire.com/topic/kathy-hochul" target="_blank" rel="noopener">Kathy Hochul</a> has approved a controversial proposal that will make it easier for illegal immigrants to hold jobs in the state government.
The new proposal would require illegals to obtain legal work authorization from the federal government, however, other requirements would be eased for thousands of government jobs. The New York Department of Civil Service, for example, would relax English language proficiency requirements, as well as education verification and certification.
The positions would start off as temporary, but the proposal suggests the goal is that these become permanent jobs. Agencies can appoint migrants to a permanent role if their work is satisfactory and other requirements are met. 
New York is the first state in the nation to make it easier for migrants to get these government jobs. Critics say the proposal will only incentivize more migrants to come to New York state, worsening the crisis. It will also likely feed into New Yorker’s concerns about migrants being prioritized over legal residents. Notably, since 2022, 170,000 migrants have arrived in New York City, causing backlash in the liberal area.
The proposal says the initiative is a “win-win” for the state, as it helps solve the &#8220;migrant crisis, and rebuild the state workforce.” 
The proposal comes months after Hochul announced a partnership with employers in the state to get migrants to work. At the time, she <a href="https://www.governor.ny.gov/news/governor-hochul-announces-18000-jobs-available-asylum-seekers-and-migrants-part-statewide">said</a> there were 18,000 jobs open for asylum seekers and migrants as part of her statewide “solution” to get them out of shelters. 
“Now we have all these people who want to be here; I have all these jobs that are open,&#8221; the governor <a href="https://www.youtube.com/watch?v=sgLLoUwB8pg">said</a> at a press conference. &#8220;You marry the two together, and you’ve solved the problems.”
 There are an estimated 436,000 unemployed New Yorkers currently, <a href="https://www.bls.gov/web/laus/laumstrk.htm">hovering</a> at around 4.5% unemployment, which is <a href="https://www.bls.gov/web/laus/laumstrk.htm">one of the highest</a> rates in the nation. New York also has the <a href="https://www.security.org/resources/homeless-statistics/#:~:text=Population%20Centers%20for%20Homelessness&amp;text=Amazingly%2C%20nearly%20one%2Dquarter%20of,more%20than%2010%2C000%20unhoused%20residents.">highest rate of homelessness</a> in the country. Moreover, recent <a href="https://www.nytimes.com/2023/10/07/nyregion/nyc-migrant-crisis.html">polling</a> shows that a majority of New Yorkers view the influx of migrants as a “serious problem” and want to slow or stop the flow altogether.
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In addition to this proposal, a migrant initiative at the behest of New York City Mayor Eric Adams is attracting critics. The city’s new pilot program, called the “<a href="https://www.dailywire.com/news/nyc-to-start-53m-program-that-will-hand-out-prepaid-credit-cards-to-illegal-immigrants">Immediate Response Card</a>” program, will hand out prepaid credit cards to illegals, costing taxpayers $53 million dollars. 
Illegal immigrant families will be instructed to only use the cards at grocery stores, convenience stores, and supermarkets, and they’ll have to sign an affidavit promising to spend the funds only on food and baby supplies. Every 28 days, their cards will be refilled, and depending on the size of the family, they could receive up to $1,000 a month.

Kathy Hochul

NY Gov Hochul Relaxes Requirements For Illegals To Get Government Jobs

NY Gov Kathy Hochul Prioritizes Illegals For Government Jobs, Relaxing Requirements

Illegal Immigration

New York

On Friday, the White House announced they would implement a temporary pause on pending decisions on exports of Liquefied Natural Gas (LNG) to non-FTA countries until the Department of Energy could update the underlying analyses for authorizations.
Projects involving billions of dollars will be disrupted; critics contend that President Biden’s actions will hurt Europe’s capacity to power its economy without relying on Russian gas.
“The pause could have implications for more than a dozen proposals now awaiting review at the Energy Department, including ventures planned in Louisiana by Commonwealth LNG and Energy Transfer LP,” Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-01-26/biden-freezes-approvals-to-export-gas-imperiling-major-projects?embedded-checkout=true" target="_blank" rel="noopener">reported</a>.
The White House used the opportunity in its <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/01/26/fact-sheet-biden-harris-administration-announces-temporary-pause-on-pending-approvals-of-liquefied-natural-gas-exports/" target="_blank" rel="noopener">announcement</a> to attack Republicans, declaring. “As Republicans in Congress continue to deny the very existence of climate change while attempting to strip their constituents of the economic, environmental and health benefits of the President’s historic climate investments, the Biden-Harris Administration will continue to lead the way in ambitious climate action while ensuring the American economy remains the envy of the world.”
Opponents of Biden’s action have pointed out that the current hostilities in the Middle East could threaten traffic through the Strait of Hormuz, where roughly one-quarter of the global natural gas supplies flow. They argue that killing projects that export LNG could have a deleterious effect.
“The administration’s decision to freeze review of new LNG terminals is deeply disturbing and raises significant risks around the globe,” Marty Durbin, president of the US Chamber of Commerce’s Global Energy Institute, said. “It betrays our allies at a time of geopolitical instability and could slow the energy transition.”
“I think they&#8217;re really making a miscalculation here. This isn&#8217;t just bad policy, it&#8217;s bad politics,” Neil Chatterjee, the former chairman of the Federal Energy Regulatory Commission, <a href="https://www.foxnews.com/politics/white-house-halts-enormous-natural-gas-projects-victory-environmentalists" target="_blank" rel="noopener">stated</a>. “We made a commitment to our European allies, to Germany, that we would be there and help them. You really should not be playing politics with energy security.”
“What&#8217;s really frustrating from the environmental perspective is that U.S. LNG actually displaces more intense fossil sources of fuel overseas,” he continued. “We have a much cleaner process than the Russians do. So, not only are we providing geopolitical assets to our allies, but U.S. LNG displacing dirtier sources of fuels actually lowers global carbon emissions. And the activists seem to be just kind of brushing over that.”
In late January, a number of oil and gas advocates wrote a <a href="https://www.api.org/~/media/files/news/2024/01/24/industry-groups-lng-letter-january-24" target="_blank" rel="noopener">letter</a> to Energy Secretary Jennifer Granholm in which they argued against the proposed change in the permitting process for U.S. LNG exports. They wrote:
<blockquote>
While our European allies have made significant strides in reducing their reliance on Russian natural gas thanks to American energy producers, Europe faces a considerable supply gap over the long-term that should be met by American energy, not hostile nations. Moving forward with a pause on U.S. LNG export approvals would only bolster Russian influence and undercut President Biden’s own commitment to supply our allies with reliable energy, undermining American credibility and threatening American jobs. An analysis of the President’s pledge to Europe found that the benefits to the United States could include $63 billion in capital expenditures, a GDP boost of $46 billion, and 71,500 jobs supported annually from 2025-2030.
</blockquote>

A $290 Billion Investment Cements Natural Gas’s Relevance for Decades

Biden Freezes Projects Exporting Natural Gas, 70,000 Prospective Jobs Could Vanish

Europe

Natural gas

Ex-<a href="https://www.dailywire.com/topic/cnn" target="_blank" rel="noopener">CNN</a> reporter Chris Cillizza got some backlash — and a Community Note — for his claim that President Joe Biden had never suggested workers in one profession could simply change jobs by learning to code.
The conversation began with news of recent layoffs at a number of media outlets — including The Los Angeles Times — and a response posted via X by DeSantis&#8217; Press Secretary Jeremy Redfern. &#8220;The LA Times is not having a good day, and I&#8217;m at peace with that.&#8221;
In context, Redfern has been on the receiving end of a number of <a href="https://twitter.com/JeremyRedfernFL/status/1749976228138741796" target="_blank" rel="noopener">media inquiries</a> from the L.A. Times and other outlets, many of which had intentionally framed their pieces to attack his boss. But Cillizza did not see things that way.
&#8220;Will never get people who celebrate when other humans — with families, mortgages, medical bills etc — lose their jobs.&#8221;
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Will never get people who celebrate when other humans &#8212; with families, mortgages, medical bills etc &#8212; lose their jobs <a href="https://t.co/uAsqPbnUEx">https://t.co/uAsqPbnUEx</a>
&mdash; Chris Cillizza (@ChrisCillizza) <a href="https://twitter.com/ChrisCillizza/status/1749975296701288605?ref_src=twsrc%5Etfw">January 24, 2024</a></blockquote>
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&#8220;Journalists did this with the coal miners so cry harder,&#8221; one person replied, prompting Cillizza to respond: &#8220;They didn&#8217;t though. At all. Biden said it (and he didn&#8217;t even say &#8216;learn to code.&#8217; Like, facts matter.&#8221;
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They didn&#39;t though. At all. Biden said it (and he didn&#39;t even say &quot;learn to code.&quot;
Like, facts matter. <a href="https://t.co/nXtTKXBZ1Y">https://t.co/nXtTKXBZ1Y</a>
&mdash; Chris Cillizza (@ChrisCillizza) <a href="https://twitter.com/ChrisCillizza/status/1749985383121605036?ref_src=twsrc%5Etfw">January 24, 2024</a></blockquote>
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&#8220;Kind of like journalists cheering people getting laid off over COVID shots. Zero sympathy here,&#8221; another replied to Cillizza. &#8220;The journalists now need to hustle and get real jobs. Hey, maybe learn to code. Enjoy.&#8221;
&#8220;It just didn&#8217;t happen. And, again, no journalist said &#8216;learn to code.&#8217; And neither did Biden,&#8221; Cillizza responded.
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It just didn&#39;t happen.
And, again, no journalist said &quot;learn to code.&quot; And neither did Biden. <a href="https://t.co/Tkd6lpvEnt">https://t.co/Tkd6lpvEnt</a>
&mdash; Chris Cillizza (@ChrisCillizza) <a href="https://twitter.com/ChrisCillizza/status/1749986608470769980?ref_src=twsrc%5Etfw">January 24, 2024</a></blockquote>
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A Community Note soon followed, linking to a 2019 article published by The Hill. &#8220;Then candidate Joe Biden, during a campaign rally in Derry, NH in 2019 stated, &#8216;Anybody who can go down 3,000 feet in a mine can sure as hell learn to program as well,&#8217; in a policy proposal to move away from fossil fuels,&#8221; the Note read.
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GOP Rapid Response director Jake Schneider shared video of Biden saying that coal miners could learn to program.
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“Anybody who can throw coal into a furnace can learn how to program for God’s sake!”<a href="https://t.co/kTYS5Wm4S3">pic.twitter.com/kTYS5Wm4S3</a>
&mdash; Jake Schneider (@jacobkschneider) <a href="https://twitter.com/jacobkschneider/status/1750011797984174258?ref_src=twsrc%5Etfw">January 24, 2024</a></blockquote>
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CNN Experience

CNN Ex-Pat Chris Cillizza Takes A Virtual Beating Over Claim Biden Never Told Coal Miners To ‘Learn To Code’

CNN Ex-Pat Chris Cillizza Takes A Virtual Beating Over Claim Biden Never Told Coal Miners To 'Learn To Code'

Chris Cillizza

Media

U.S. companies <a href="https://www.dailywire.com/topic/economy" target="_blank" rel="noopener">slowed hiring</a> last month far more than economists predicted, according to data released in the ADP National Employment Report on Wednesday.
Economists surveyed by Refinitiv predicted that September hiring would slow, but still total about 153,000. The estimate was off by more than 60,000 as the real number came in at 89,000, according to the employment report. September’s numbers are a drop from 180,000 new hires made the month before in August, according to <a href="https://www.foxbusiness.com/economy/private-sector-job-growth-cools-sharply-september-slowest-pace-2021-adp" target="_blank" rel="noopener">Fox Business</a>.
September hires mark the weakest month for hiring since January 2021. The slow performance comes as interest rates remain elevated as the Federal Reserve works to curb inflation.
“We are seeing a steepening decline in jobs this month,” said ADP chief economist Nela Richardson, according to Fox Business “Additionally, we are seeing a steady decline in wages in the past 12 months.”
While the slow hiring month may be a welcome signal to the Federal Reserve, the slowing economy is unlikely to aid the White House’s attempts to sell its economic agenda to voters as President Joe Biden heads toward a reelection battle in 2024. The White House has attempted to revive Biden’s poor standing with voters on the economy by pitching “Bidenomics,” a tagline for Biden’s economic agenda. The president continues to be deep underwater with voters on the issue, however.
Two recent polls have showed the Democratic Party lagging far behind the Republican Party on who is trusted more by voters to handle economic issues. In each poll, the Republican Party enjoyed its largest lead on the issue in decades.
The results, from a Gallup poll taken from September 1-23, <a href="https://www.dailywire.com/news/republicans-lead-democrats-on-americans-most-important-issue-poll" target="_blank" rel="noopener">showed</a> Republicans with a 53% to 39% edge over Democrats on the issue, as well as a 44% to 36% edge on the issue that each voter considers their “most important.” The GOP lead on the economy was the largest since 1991.
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A poll from NBC News released last week <a href="https://www.dailywire.com/news/americans-favor-gop-to-democrats-on-economy-by-widest-margin-ever-in-poll" target="_blank" rel="noopener">showed</a> a similar dynamic. The Republican Party is trusted more by voters than Democrats to handle the economy by a 49% to 28% margin. Again, the poll showed the largest edge the GOP has had on the issue since 1991.
The president’s flagging performance on the economy has motivated some of his allies to <a href="https://www.dailywire.com/news/top-biden-allies-want-president-to-ditch-flagging-bidenomics-message" target="_blank" rel="noopener">push</a> him to drop the “Bidenomics” message, arguing that attaching Biden’s name to an unpopular issue is not aiding Biden’s stock among voters.
“At this point, Bidenomics doesn’t really have strong answers to people’s biggest worries,” said Progressive Policy Institute President Will Marshall. “There ought to be a lot of thinking in the White House now about changes in the way they present their case for the economic good that this administration has done.”

Bidenomics? Private Sector Job Growth Shrinks To Three-Year Low

Democratic Party

It&#8217;s an astonishing statistic that took the internet by storm: 94% of jobs created in 2021 went to racial minorities. It&#8217;s also completely untrue.
The conclusion from Bloomberg — which credits five reporters and four editors for <a href="https://www.bloomberg.com/graphics/2023-black-lives-matter-equal-opportunity-corporate-diversity/?srnd=premium" target="_blank" rel="noopener">its report</a> — is that on the heels of the Black Lives Matter protests, corporations followed through on their promise to diversify their ranks. The outlet reported that companies in the S&amp;P 100 added 323,094 new employees in 2021, and that only 20,524 of those new jobs were filled by whites.
If true, such a statistic could launch a legion of victorious racial discrimination lawsuits — blacks, Asians, and Hispanics make up roughly 40% of the population, and there is no way they could obtain 94% of new jobs without some level of discrimination.
But the takeaway from Bloomberg is an example of innumeracy by journalists at an outlet once relied upon by businessmen for savvy financial analysis — or of willfully setting aside common sense in favor of what the publication acknowledged is an ideologically-driven &#8220;project to <a href="https://www.bloomberg.com/news/newsletters/2023-09-26/how-nike-cvs-amazon-drove-diversity-change-post-george-floyd-protests?srnd=premium&amp;leadSource=uverify%20wall" target="_blank" rel="noopener">hold companies accountable</a> to [diversity] pledges.&#8221;
A Daily Wire analysis of the same numbers examined by Bloomberg found that, in reality, the demographics of hiring figures for 2021 were barely different from previous years. The percentage of new jobs that went to whites was likely about 46%, eight points below the 54% white makeup of companies&#8217; existing workforces. That&#8217;s to be expected given demographic changes in the United States since the time that the currently-retiring baby boomer generation first entered the workforce.
Though Bloomberg spun the tale as a victory for Black Lives Matter, blacks benefited the least of any racial group from the slight decline in whites, according to the analysis. The percentage of black hires was up from the status quo by 1%, while Asians were up by 2%, and Hispanics were up by 4%. That&#8217;s also explained by demographics — decades ago, when baby boomers entered the workforce, the U.S. was mostly white and black; in the decades since, the numbers of Hispanics and Asians in the United States have increased.
Here&#8217;s how Bloomberg got the story wrong, and how numbers actually work.
Bloomberg based its analysis on a form companies file to the Equal Employment Opportunity Commission listing the racial breakdown of their U.S. employees. The forms are filed annually, but they don&#8217;t break out stats for employees hired that year; they just provide the total headcount of all employees by race.
Bloomberg, reaching for a way to isolate recent numbers, focused on the fact that companies increased their cumulative headcount by some 320,000 in 2021. Then they made a flawed leap of logic: They took the increase of minorities across the entire workforce, and divided it by the number of new positions — not the number of actual hires, which overwhelmingly come from replacing people who leave the company. In short, they got the denominator wrong.
&#8220;Bloomberg obtained 2020 and 2021 data for 88 S&amp;P 100 companies and calculated overall US job growth at those firms&#8230;.  Overall, these companies increased their headcount by 323,094 employees in 2021,&#8221; the outlet wrote. &#8220;Bloomberg then analyzed the racial makeup of those additional workers, finding that 94% of them were people of color.&#8221;
But it’s not possible from the data to say that those additional “people of color” took the 320,000 newly created positions. Most of them were almost certainly hired as part of a much larger group: replacements for existing jobs that were vacated by retirees or people changing jobs.
The 88 companies in Bloomberg’s study together employed 8.9 million workers in 2020. Based on a <a href="https://www.netsuite.com/portal/resource/articles/human-resources/employee-turnover-statistics.shtml#:~:text=What%20is%20a%20good%20employee,is%20known%20as%20involuntary%20turnover." target="_blank" rel="noopener">typical annual turnover rate of 18%</a>, an estimated 1.6 million people would have left and been replaced in 2021. So the increase in minorities shouldn&#8217;t be calculated as 300,000 out of 320,000 — it&#8217;s 300,000 out of roughly 2 million (1.6 million plus 320,000).
Some companies may have had no employment growth at all, just turnover from retirements. Bloomberg&#8217;s methodology could capture minor demographic changes across companies like this, then apply all those changes to a small number of newly-created positions from entirely different companies.
Take this hypothetical: There are two companies, each staffed by 100 white people. One of them replaces 20 retiring white employees with 20 black employees. The other is very profitable, so it creates 10 new positions, all given to whites. Bloomberg&#8217;s methodology would conclude that the companies, as a group, hired 20 black people into 10 new jobs, and that minorities received 200% of jobs. This is obviously impossible, and in fact, all of the new jobs went to whites.
<div id="attachment_627865" style="width: 1034px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-627865" class="size-large wp-image-627865" src="https://dw-wp-production.imgix.net/2023/09/bloomberg-1024x555.png" alt="Bloomberg News" width="1024" height="555" srcset="https://dw-wp-production.imgix.net/2023/09/bloomberg-1024x555.png 1024w, https://dw-wp-production.imgix.net/2023/09/bloomberg-300x163.png 300w, https://dw-wp-production.imgix.net/2023/09/bloomberg-768x416.png 768w, https://dw-wp-production.imgix.net/2023/09/bloomberg-1536x832.png 1536w, https://dw-wp-production.imgix.net/2023/09/bloomberg-2048x1109.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" />Chart from Bloomberg News based on its flawed study</div>
In 2020, the S&amp;P companies were just under 54% white. If every retiree was replaced with someone of the same race, and whites also got the same share of the new jobs, you&#8217;d expect to see 173,000 whites added. Bloomberg observes that there were only 20,000 whites added.
What this tells us is there was a shortage of approximately 153,000 whites — but that&#8217;s not across the 320,000, it&#8217;s across 2 million jobs filled. Instead of hiring just over 1 million whites (54%), they hired about 884,000 (45%).
On the &#8220;people of color&#8221; side, Bloomberg said that Hispanics grew by 131,000 in the 320,000 jobs. But they actually simply got their share of newly-created new jobs (54,000), plus out of the 864,000 whites retiring, 77,000 were replaced by Hispanics.
In all, we can compute that of the 2 million jobs filled in 2021, about 400,000 went to Hispanics — 20%, which is only slightly higher than the 17% in the legacy workforce.
Following the same logic, the number of 2021 hires who were Asian was 12%, slightly higher than the 10% of the legacy workforce, while blacks went up 1%, from 17% to 18%.
Though blacks benefited the least from the decline in whites, that&#8217;s expected because blacks, who make up 12% of the population, are actually overrepresented in the workforce studied by Bloomberg.
Robert VerBruggen, an economic policy fellow at the Manhattan Institute, agreed that Bloomberg’s analysis failed to take into account the workers leaving and their demographics.
“The country&#8217;s demographics are changing — older generations are much whiter than younger ones,” VerBruggen told The Daily Wire. “If whites are disproportionately retiring and non-whites are disproportionately getting jobs, that will skew the numbers, giving the appearance of a serious commitment to equity — or mass violations of civil-rights law, depending on one&#8217;s perspective.”
A telltale sign that Bloomberg&#8217;s &#8220;percentage of the net increase&#8221; methodology is flawed, VerBruggen explained, is that, if the departures of whites had been just a little higher, the net change in whites would have been negative instead of the actual small growth of 20,000. Bloomberg&#8217;s methodology would then assert that whites took a negative percentage of the new 320,000 jobs, a mathematic impossibility.
The study also received pushback from pollster Patrick Ruffini, who <a href="https://twitter.com/PatrickRuffini/status/1707022523391488291" target="_blank" rel="noopener">said</a> Bloomberg’s analysis was “statistically illiterate” and pointed out the outlet’s failure to take into account employee turnover.
“This stuff could be the product of generational turnover in the workforce,” Ruffini said. “If retirees are 80% white and new workers are 55% in line with demographics of young workers, you get numbers like this.”
Normally in journalism, there is a safeguard that comes in the form of calling the companies mentioned for comment. But Bloomberg said &#8220;none of the half-dozen companies with the most notable diversity gains wanted to discuss them in detail.&#8221;
The companies could have pointed out that Bloomberg&#8217;s methodology was flawed, and prevented them from publishing an error. But the error overstated their diversity gains, and it was clear from the reporters&#8217; bias that big diversity gains would be portrayed favorably. (The story was headlined “Corporate America Promised to Hire a Lot More People of Color. It Actually Did.”)
Asked about the methodology for its study, a Bloomberg spokeswoman said &#8220;We stand by our reporting and analysis.&#8221;
The Daily Wire&#8217;s calculations based on the data used by Bloomberg can be viewed below:
<div class="image"><img loading="lazy" decoding="async" class="alignnone size-large wp-image-628819" src="https://dw-wp-production.imgix.net/2023/09/bloomberg-numbers-1024x289.png" alt="" width="1024" height="289" srcset="https://dw-wp-production.imgix.net/2023/09/bloomberg-numbers-1024x289.png 1024w, https://dw-wp-production.imgix.net/2023/09/bloomberg-numbers-300x85.png 300w, https://dw-wp-production.imgix.net/2023/09/bloomberg-numbers-768x217.png 768w, https://dw-wp-production.imgix.net/2023/09/bloomberg-numbers-1536x433.png 1536w, https://dw-wp-production.imgix.net/2023/09/bloomberg-numbers.png 2020w" sizes="(max-width: 1024px) 100vw, 1024px" /></div>

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