Democrats build economies; republicans destroy them pic.twitter.com/tFi0i4OoKy
— Bill Pascrell, Jr. 🇺🇸🇺🇦 (@BillPascrell) April 16, 2023
Even former President Obama in his speech at the DNC declared that same thing….millions of jobs created. Ehhhh not so much. When Joe Biden was in fact running for a second term, he often declared he created more jobs than any other president in history. What about Kamala….did she ever question the numbers as she has an under graduate degree in political science and economics. Nah…so the truth is the numbers are a fraud, a lie. Add this lie, a big lie to the many others we have been told and as such, likely more lies to come.
In just one year by the way…
The U.S. added 818,000 fewer jobs than previously reported from the spring of 2023 to the spring of 2024, indicating the labor market began to cool off earlier and faster than it appeared at the time.
The government’s revised estimate of employment growth showed the economy gained about 2.1 million jobs from April 2023 to March 2024. Originally the increase in employment during that span was put at 2.9 million.
The updated employment figures mean the economy created an average of 173,000 jobs a month during the period in question instead of 242,000 under the old estimates.
The lower number of new job created gives further impetus for the Federal Reserve to cut interest rates in September as widely expected. The central bank is required under the law to keep inflation low and employment high.
With inflation gradually slowing toward the Fed’s 2% target, the bank has put greater weight on the health of the labor market in considering when to reduce high U.S. interest rates.
The Fed jacked up a key short-term rate to a 23-year peak in 2022 and 2023 to quell the highest inflation in 40 years.
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In part from the New York Times:
The U.S. economy added far fewer jobs in 2023 and early 2024 than previously reported, a sign that cracks in the labor market are more severe — and began forming earlier — than initially believed.
On Wednesday, the Labor Department said that monthly payroll figures overstated job growth by roughly 818,000 in the 12 months that ended in March. That suggests employers added about 174,000 jobs per month during that period, down from the previously reported pace of about 242,000 jobs — a downward revision of about 28 percent.
The revisions, which are preliminary, are part of an annual process in which monthly estimates, based on surveys, are reconciled with more accurate but less timely records from state unemployment offices. The new figures, once finalized, will be incorporated into official government employment statistics early next year.
The updated numbers are the latest sign of vulnerability in the job market, which until recently had appeared rock solid despite months of high interest rates and economists’ warnings of an impending recession. More recent data, which wasn’t affected by the revisions, suggest job growth slowed further in the spring and summer, and the unemployment rate, though still relatively low at 4.3 percent, has been gradually rising.
