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 January 9, 2024

U.S. job numbers for 2023 heavily revised downward, sparking backlash

I know this is shocking, but President Joe Biden's administration apparently lied to America regarding last year's job results.

Biden and his surrogates have spent several months bragging about the number of jobs added to the U.S. economy in 2023, as it was seemingly the only "accomplishment" they could think of.

However, according to the Daily Caller, the Bureau of Labor Statistics (BLS) quietly revised the number of jobs created in 2023 by a staggering 749,000 jobs.

The Daily Caller explained:

The sum of the initial estimate from each of the government’s monthly job growth reports in 2023 totaled 3,140,000 new jobs, with later reports revising down the number of jobs added by a collective 443,000, according to the BLS. The BLS also announced in August a revision in total employment for March, subtracting another 306,000 jobs.

E.J. Antoni, a research fellow at the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, added additional information about the sneaky revision.

"By the time you include all the monthly revisions and the annual benchmark revision, about one-quarter of all the jobs we thought were added last year have been revised away," Antoni said.

He added, "That pattern of consistent downward revisions has happened in two prior recessions. It is a result of market conditions changing too rapidly for the BLS to adjust their methodology, which in turn causes consistent errors in measuring nonfarm payrolls."

Antoni also posted a chart on X to visualize the massive revision.

While one might understandably question why the numbers are important, it's a critical factor taken into consideration for many impactful decisions, including how the Fed approaches interest rates.

Job numbers directly affect the pocketbooks of working-class Americans. Such a massive revision is a major problem for the administration and the economy.

Other economists and experts noted that revisions are fairly normal -- just not ones of this magnitude.

"It is not normal for the @BLS_gov to initially overstate job creation in the monthly employment situation report like this. 11/12 prior months. The GOV initially reported nearly a half a million more jobs than were created last year. This pattern of downward revisions STINKS," Rich Baris of "Inside the Numbers" wrote.

It's almost as if the administration purposely faked the numbers...

Written By:
Ryan Ledendecker

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