The Bureau of Labor Statistics reported that job growth figures for the last year need to be revised downward by 818,000 jobs.
The large number is 0.5% of all jobs.
CBNC reported that the -0.5% is the largest drop since 2009.
Sectors that saw the greatest downward revisions were professional and business services (358,000), hospitality (150,000), manufacturing (115,000), and trade, transportation, and utilities (104,000).
Despite the downward revisions, some sectors saw upward revisions. Almost 90,000 jobs were added to the private education and health sectors and 56,4000 jobs were added to transportation and warehousing.
According to Forbes, the monthly growth period was 174,000 jobs, not 242,000 jobs.
The update was part of a scheduled revision, the outlet reported, explaining that the “massive revisions were due to the government’s recalibration to more precise quarterly unemployment claim data as opposed to the monthly surveys of employers which are used for initial monthly estimates.”
E.J. Antoni, a research fellow at the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, told The Daily Caller that the recent trend of “economic data being revised down” is “very similar to the onset of the Great Recession, when the BLS was struggling to keep up with rapidly deteriorating economic conditions.”
“Assumptions built into models no longer represented reality, although they may have just a year or two prior,” he explained.
Trump called the significant overestimation of job growth a “massive scandal” on Truth Social.
“MASSIVE SCANDAL! The Harris-Biden Administration has been caught fraudulently manipulating Job Statistics to hide the true extent of the Economic Ruin they have inflicted upon America,” he wrote. “New Data from the Bureau of Labor Statistics shows that the Administration PADDED THE NUMBERS with an extra 818,000 Jobs that DO NOT EXIST, AND NEVER DID. The real Numbers are much worse than that and, if Comrade Kamala gets another four years, millions more Jobs will VANISH overnight, and Inflation will completely destroy our Country. YOUR LIFE SAVINGS WILL BE WIPED OUT. With a TRUMP VICTORY, we will once again have the Greatest Economy in History. MAGA2024!”
