https://thehill.com/opinion/finance/4842492-job-additions-overstated-biden-harris/
The government recently reported that job gains between March 2023 and March 2024 had been overstated by 818,000, a breath-taking “goof” by the official bean counters. All those reports that were cheered by the Biden-Harris administration? They were as phony as a three-dollar bill.
Has the Biden-Harris White House been cooking the books, as some have claimed? Maybe, but there is another possible explanation for the significant downward revision in the jobs number — equally unflattering to the administration and its happy-talk about the economy.
Simply put, many middle-class workers have taken on multiple jobs and are struggling to make ends meet. Those extra shifts are included in the Bureau of Labor Statistics data as multiple jobs; they are, in reality, just overworked Americans trying to navigate the Biden-Harris inflation tsunami.
While it is normal for the BLS to issue modest annual revisions to the monthly jobs figures, this year’s restatement is the largest revision in 15 years, since the time when reporting was being muddled by the turmoil of the Great Recession.
Given the importance that policy-makers attach to the BLS tallies, the revision is quite alarming — and also inexcusable.
Economists have been warning that something is not right about the monthly employment reports. In June, when the government reported against all odds that 272,000 jobs had been created in May, even Fed Chairman Jay Powell expressed skepticism, saying there was the possibility the reports “may be a bit overstated.”
Last year, job numbers were revised downward (never upward) for 10 months — not a stellar record. In June 2023, for instance, instead of adding 209,000 jobs, as originally reported, it turns out the economy added only 105,000. That kind of repeated error makes people suspicious.