US Job Growth Numbers Underestimated
The US economy’s growth figures for the year ending in March have been revised downwards, indicating a much weaker performance than initially reported. An update from the Bureau of Labor Statistics (BLS) reveals that the economy may have added around 911,000 fewer jobs than previously thought.
This adjustment follows the BLS’s report showing only 22,000 new non-farm payroll jobs added, coinciding with a dip in employment growth in August. It seems the expected downward revision was even worse than the prior estimate of a 700,000 jobs reduction.
Scheduled for a final benchmark revision in February 2026, this report underscores some ongoing challenges in the job market. Notably, this revision comes on the heels of President Donald Trump dismissing BLS Commissioner Erica Mantelfer on August 11, replacing her with Dr. Eji Antoni, a conservative economist.
Alfredo Ortiz, CEO of Job Creators Network, commented on the situation, suggesting that this significant downward adjustment validates what many have observed about the Biden labor market being weaker than official numbers indicated. He pointed out that Trump has taken over a struggling job market, prompting the Federal Reserve to maintain high interest rates.
Ortiz expressed optimism, stating that lower interest rates, alongside policy initiatives aimed at tax cuts and deregulation, could ignite economic growth in the upcoming months. He highlighted that new polling data shows nearly all small businesses plan to utilize tax cuts to expand, hire more employees, increase wages, or invest in their communities. This revision, he noted, supports the necessity of appointing Eji Antoni to lead the BLS to help clarify its data.
