Staff Reports
In a recent report by Fox Business, it has been revealed that the jobs reports from the Biden administration’s Bureau of Labor Statistics may not be as accurate as they seem. According to the report, the first 11 months of 2023 saw an overestimation of 439,000 jobs created. This discrepancy has raised doubts about the true health of the job market and calls into question the reliability of “Bidenomics,” which President Joe Biden claims has resulted in economic growth.
The impact of these overstated job numbers extends beyond mere statistics. The jobs report drives economic decisions ranging from stock markets to interest rates. David Rosenberg, founder of Rosenberg Research Associates, has cast doubt on the payroll data, stating that the downward revisions in 2023 were significant, totaling 443,000 jobs. Furthermore, he claimed that more than 40% of payroll growth in 2023 didn’t even come from the survey but rather from the unreliable “Birth-Death” model.
US Employment Reports Greatly Exaggerated, Over 400,000 Jobs Mistakenly Added to Total https://t.co/qBznGVrp6b
— LaylaTexas77? (@LaylaTexas77) January 8, 2024
The problem of inflated job numbers is not a new occurrence. The Bureau of Labor Statistics has previously been wrong with their figures. For instance, in August, the agency admitted to overstating job growth by 306,000 jobs from March 2022 to March 2023. These figures included a decline in private sector jobs and an increase in government hiring. Additionally, in December 2022, the Philadelphia Federal Reserve Bank estimated that federal data had overstated growth by 1.1 million jobs in the second quarter of 2022.
The report by Fox Business also highlighted some concerning trends in the job market. The government sector has experienced growth in recent months, with taxpayer-funded government jobs increasing by about 50,000 per month. Additionally, the December jobs report revealed that 683,000 people had stopped looking for work. Furthermore, a record 8.69 million people currently hold multiple jobs, and the economy has shed 1.5 million full-time workers while adding 796,000 part-time workers since June.
These findings raise serious questions about the true state of Biden’s economy. The trend of overstated job numbers and the concerning job market indicators suggest that the job market may not be as healthy as the government suggests. It remains to be seen how these revelations will impact future economic decisions and the public’s perception of “Bidenomics.”
