The Bureau of Labor Statistics has “revised” job growth numbers from the first quarter of 2024, showing up to a million jobs didn’t actually exist.
“US job growth in the year through March was likely far less robust than initially estimated, which risks fueling concerns that the Federal Reserve is falling further behind the curve to lower interest rates,” Bloomberg reports. “Goldman Sachs Group Inc. and Wells Fargo & Co. economists expect the government’s preliminary benchmark revisions on Wednesday to show payrolls growth in the year through March was at least 600,000 weaker than currently estimated — about 50,000 a month.”
The “revision” is being blasted by the Trump campaign as a lie and election interference while Vice President Kamala Harris attempts to distance herself from the poor economic policies of the Biden-Harris administration.
“Kamala was cooking the books the whole time — and lying to the American people while she did it,” the Trump campaign posted on X.
“This isn’t a ‘revision,’ @BGOV, this is a LIE! And it’s Election Interference!” senior Trump campaign Advisor Jason Miller added. “The Harris Administration has been cooking the books the entire time and now it’s caught up to them!”
Meanwhile, the New York Fed is also showing trouble for the economy and unemployment.
Uh oh: The New York Fed’s July survey of labor market expectations shows expected likelihood of becoming unemployed rose to 4.4% on average, highest in data going back to 2014 pic.twitter.com/YqwTigoKzr
— Sara Eisen (@SaraEisen) August 20, 2024