Biden Overstated Job Growth by Nearly Half a Million in 2023

SHARE
TWEET
Biden Overstated Job Growth by Nearly Half a Million in 2023

The Biden administration overstated job growth in 2023 by nearly half a million positions, according to revisions of employment data for the last 12 months.

Biden touted job growth as his talking point from the Bureau of Labor Statistics (BLS).

The president called 2023 a “great year for American workers”, boasting that “the economy created 2.7 million new jobs in 2023—a year when the unemployment rate was consistently below 4 percent.”

However, the 2.7 million jobs were overstated by an average of around 44,000 per month.

For the ten months in 2023 for which revisions are known, the direction has been the same—down, with the exception of July 2023, (initially reported 187,00, later revised up to 236,000), the Epoch Times reported.

Overall, the downward revisions in 2023 amounted to 443,000.

Overall, the downward revisions in 2023 amounted to 443,000.

“Time to stop trading off the payroll data,” economist David Rosenberg said in a post on X. “The downward revisions totaled an epic 443k.”

As Fox Business reported: The government sector in December ranked high in job creation. It created 52,000 jobs in the final month of 2023. As FOX Business’s Edward Lawrence points out, that brings the three-month average of jobs created by the government sector to 50,000 per month. Lawrence says Acting Labor Secretary Julie Su “would not answer if this is sustainable when I pressed her.”

“Dec.’s number is likely to be revised lower next month,” Peter Schiff, chief economist and global strategist at Euro Pacific Capital, said in a post on X, pointing out that ten “of the last 11 jobs reports have been revised sharply lower.

“What are the odds that’s random? Try tossing a coin 11 times and see how often either heads or tails come up 10 times out of 11 tosses?” he asked.

According to BLS, it is normal for there to be revisions in the job growth data because it is based on surveys.

“Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors,” BLS said in a statement.

Other market experts voiced concern that the bulk of the revisions in 2023 were all down.

“Raises a lot of concerns about the accuracy of economic data interpretation. We need transparent data sources,” Ulrik Lykke, co-founder of Peanuds, a fintech firm, said in a post on X.

President of Spectra Markets, Brent Donnelly, said that the downward revisions are a recent phenomenon.

“For all those saying NFP is rigged because it’s always strong, then revised lower. That’s the opposite of what is true,” he wrote in a post on X.

“The downward revisions are a recent thing.”

So Biden was boasting about incorrect job growth data for 2023.

“If you’re puzzled as to how the Biden administration’s economic data can be so rosy while your own financial situation has deteriorated so quickly, you’re not alone,” “E.J. Antoni, a Heritage Foundation economist, said in a recent analysis.

“Part of the explanation for this bizarre divergence lies in the quiet revision process that has consistently downgraded the official data after the initial headline got all the attention,” he continued. “In short, the economy is not as strong as we’ve been led to believe.”

READ: Trump Predicts the Economy Will Crash This Year: ‘It’s Running Off Fumes’

NOTICE: Our comment section is currently disabled due to malicious attacks preventing our readers being able to comment properly. We are in the process are implementing a new system which will be live soon! Sorry for any inconvenience!

SHARE
TWEET
Telegram
Email
Reddit

Breaking

Trending

Elon Musk Warns Democrats Are Making it Near 'Impossible' to Prove Voter Fraud
Elon Musk Warns Democrats Are Making it Near 'Impossible' to Prove Voter Fraud
Elon Musk posted a series of Tweets on his platform X in which he called for election integrity while...
JD Vance Destroys NBC Host When Asked if Trump Will Weaponize DOJ if Elected
JD Vance Destroys NBC Host When Asked if Trump Will Weaponize DOJ if Elected
Senator JD Vance flipped the tables on NBC’s “Meet The Press” host Kristen Welker after...
Rachel Maddow's 'False Reporting' to Cost MSNBC $30 Million
Rachel Maddow's 'False Reporting' to Cost MSNBC $30 Million
MSNBC anchor Rachel Maddow could cost the network a whopping $30 million after making “false”...
Insiders Leak Top Pick for Biden Replacement - Democrats Are About to Make Fatal Mistake
Insiders Leak Top Pick for Biden Replacement - Democrats Are About to Make a Fatal Mistake
Amid growing reports of resident Joe Biden‘s potential departure from his doomed campaign, Democratic...
Elon Musk Warns Democrats Are Preparing to Use Non-Citizen Votes to Steal Election
Elon Musk Warns Democrats Are Preparing to Use Non-Citizen Votes to Steal Election
Billionaire Elon Musk issued a stark warning that Democrats are planning to steal more federal elections...
Joe Biden: 'I'm Proud to Be a Black Woman'
Joe Biden: 'I'm Proud to Be a Black Woman'
Joe Biden described himself as a “black woman” during a recent radio interview, raising more...
Democrat Insiders Sound Alarm on 2024 Election: 'Sh*t Is Going to Hit the Fan'
Democrat Insiders Sound Alarm on 2024 Election: 'Sh*t Is Going to Hit the Fan'
Following Joe Biden‘s catastrophic debate performance last week, Democrats remain in a state of...
Biden's Own Physician Rushes to Do Damage Control after Parkinson's Specialist's Multiple Visits to White House
Biden's Own Physician Rushes to Do Damage Control after Parkinson's Specialist's Multiple Visits to White House
Following reports that a Parkinson’s specialist visited the White House eight times within eight...
Brian Stelter Quietly Deletes Post about Biden's Mental Decline after Full Attacks from Leftists
Brian Stelter Quietly Deletes Post about Biden's Mental Decline after Attacks from Leftists
As Joe Biden continues to suffer the fallout from his disastrous debate performance, with many media...
Klaus Schwab: Humanity Must Be 'Forced into Collaboration' with Elites
Klaus Schwab: Humanity Must Be 'Forced into Collaboration' with Elites
World Economic Forum founder Klaus Schwab told attendees at a conference in China that humanity needs...

JOIN THE FIGHT!

SIGN UP FOR OUR FREE BREAKING NEWSLETTER STRAIGHT TO YOUR INBOX! 

We don’t spam! Read our Privacy Policy for more info.