The Biden-Harris government has released its benchmark revision to the 2024 establishment employment survey, revising down the total number of jobs added to the economy between April 2023 and March 2024 by 818,000. This equates to an overreporting of 68,000 jobs per month during the 12-month period.
While the job numbers initially reported throughout the year suggested a more resilient and even stronger labor market, the newly released revisions now suggest the exact opposite. The U.S. economy is far weaker than the Biden-Harris government has publicly reported. Concerningly, 115,000 fewer manufacturing jobs were added over the year than reported as well.
The revision will likely fuel additional concerns that the Bureau of Labor Statistics (BLS) and other agencies under Joe Biden and Kamala Harris have essentially ‘cooked the books’ to the ultimate detriment of the American people. Consequently, the data also does little to calm fears the U.S. is headed toward an economic recession.
Additionally, the revision is likely to shift the Federal Reserve‘s focus from inflation to employment. The central bank will now likely move to reduce interest rates at either the September or December Federal Open Market Committee (FOMC) meetings. The announcement of the job revisions also highlights the ongoing economic struggles of many Americans, who have routinely expressed a negative opinion of the Biden-Harris economy in opinion polls.
Concerningly, under Joe Biden and Kamala Harris, the jobs that have been added to the economy appear to be largely part-time and low-wage. The National Pulse has consistently reported that these jobs have mostly gone to cheap immigrant labor, with native-born American labor force participation lagging below pre-COVID-19 pandemic levels.
