The Biden administration's Bureau of Labor Statistics quietly removed 439,000 jobs from its original job growth report from January to November 2023, according to reports. fox business.
of BLS It was initially estimated that more than 3 million new jobs would be created in 2023. But nearly a quarter of the job opportunities he thought would be created didn't actually exist.
said E. J. Antoni, a research fellow at the Heritage Foundation's Grover M. Herman Center on the Federal Budget. Daily Caller News Foundation“By the time you include all the monthly and annual benchmark revisions, about a quarter of all jobs thought to have been added last year have been revised.”
“This pattern of consistent downward revisions also occurred in the past two recessions. It was a result of market conditions changing too quickly for the BLS to adjust its methodology, resulting in “There is a consistent error in the measurement of agricultural employment,” Antoni added.
In a recent X post, Antoni highlighted the “significant downward revision” made to the BLS report. All months except July have been revised to show less job creation than originally predicted. The current report doesn't include him in December and won't be announced until January or February.
Initial reports showed that 216,000 jobs were added in December. However, 52,000 of them were in government jobs, bringing the total number of government employees to 23 million, a record high, DCNF reported. In other words, the number of job gains is inflated by the government's surge in hiring. The health and social assistance sectors, largely funded by the government, also created tens of thousands of jobs.
The downward revision was made in five months in 2022, resulting in the loss of an estimated 66,000 jobs. In 2021, it took just one month to correct for overestimating job growth, and more than 2 million jobs were added to the final report due to the backlash from coronavirus shutdowns.
Estimates in the BLS employment report influence market movements and interest rates set by the Federal Reserve. The agency uses “Birth and death” model, estimate business extinctions and business births, and calculate employment growth projections. This method has been criticized for being unreliable.
David Rosenberg, founder of Rosenberg Research Associates, posted: X, “It's time to stop making trade-offs in salary data. Downward revisions for 2023 totaled a whopping 443,000. More than 40% of the 2023 employment growth will come from this study. Not because of this, but because of the fairy-tale “birth and death” model. ”
President Biden and his administration are taking credit for the 13 million to 14 million new jobs created. But most of those positions were people coming back from the COVID-19 era shutdowns. Since February 2020, the actual number of jobs created under the Biden administration is approximately 4.86 million. As of October, almost 8.4 million Americans According to a Department of Labor report, people are holding multiple jobs to keep up with inflation.
BLS did not respond to a request for comment, according to a DCNF report.
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