US Job Market Faces Largest Revision Since 2009, with 818K Fewer Jobs Than Previously Reported
by Emmitt Barry, Worthy News Correspondent
(Worthy News) – The government acknowledged that job creation was significantly slower than initially reported on Wednesday, cutting over 800,000 jobs from previous figures. This admission came just 24 hours before Vice President Kamala Harris accepted the Democratic nomination for president.
The US labor market likely generated 818,000 fewer jobs in the 12 months ending in March, marking the largest preliminary downward revision to payroll figures since 2009, the Bureau of Labor Statistics reported on Wednesday.
According to new data gathered from state unemployment tax records, the reported job growth during that period—2.9 million non-farm payroll positions, or about 242,000 jobs per month—was likely about 30% less, equating to approximately 174,000 jobs per month.
The timing of this revision, coinciding with the Democratic National Convention in Chicago where Harris is featured, could intensify criticism of the economic policies under the Biden-Harris administration.
On Wednesday, Republican presidential nominee Donald Trump sharply criticized the Biden administration for revising the jobs report, labeling it a “MASSIVE SCANDAL!”
“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,” Trump wrote. “According to new data from the Bureau of Labor Statistics, the Administration PADDED THE NUMBERS by falsely adding 818,000 jobs that DO NOT EXIST, AND NEVER DID.”
“The real numbers are much worse, and if Comrade Kamala is given another four years, millions more jobs will VANISH overnight, and inflation will completely destroy our country,” Trump warned. “YOUR LIFE SAVINGS WILL BE WIPED OUT. With a TRUMP VICTORY, we will once again have the Greatest Economy in History. MAGA2024!”
The revised job figures could prompt the Federal Reserve to lower interest rates, in line with its mandate “to keep inflation low and employment high.”
Fed Chair Jerome Powell is anticipated to offer further insights into the central bank’s plans for rate cuts during his eagerly awaited speech in Jackson Hole, Wyoming, on Friday.
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