Have you been impressed by the Labor Department’s rosy job data that have been reported just about every month of this year? The data that “prove” what a great job President Joe Biden is doing?
Or have you seen the “revised” data – unfailingly revised downward – which shows things were not as great as first reported.
If you are like most people, you’ve seen the initial reports, but not the downward revisions. But they are most certainly there.
From Madeleine Hubbard’s article at justthenews.com:
President Job Biden’s story about the success of Bidenomics just keeps shrinking.
The Labor Department has consistently overestimated payroll growth predictions under the 46th president and has been forced to revise the data downward to reflect slower economic growth throughout 2023.
In addition, the Commerce Department significantly revised economic growth downward, dropping last quarter’s Gross Domestic Product by three-tenths of a point from 2.4% to 2.1%.
Experts say the administration’s overly positive economic predictions — especially on jobs — are masking the growing discomfort that every day Americans feel from inflation and rising interest rates.
Since January, the Labor Department has overestimated seasonally adjusted job growth. The agency initially said the U.S. added 517,000 jobs from December to January, but later revised that number to 472,000, reflecting an overestimate of 45,000.
So far this year, the Labor Department has overestimated job growth by 325,000 positions, according to the latest data available, which focuses on growth from January through June.
A particularly egregious overestimate occurred in June when the Labor Department initially said the U.S. gained 209,000 new jobs. That number was later revised down to 105,000, reflecting an overestimate of more than 100,000 positions.
Funny how that works. And, funny, it sure as excrement didn’t work that way when Donald Trump was President. In those years, the revisions were consistently upward, not downward – so that people’s first (and, usually, only) impression of his job performance was artificially negative.
If I didn’t know better, I’d think the fix was in; the Labor Department was as compromised as the Justice Department…..
….or do I know better?
