BLS Makes MAJOR Jobs Revisions - Exposes Bogus Biden Numbers

The Joe Biden economy was even weaker than we thought, as the latest Bureau of Labor Statistics (BLS) revisions have proven.

They also prove that Donald Trump wasn’t being political when he fired the commissioner of the BLS - it was the Department that was. 

The BLS announced on Tuesday that job growth in the U.S. was likely much weaker than initially reported from early 2024 through March of this year. According to the BLS, the economy added 911,000 fewer jobs over the 12-month period ending in March, slashing more than half of the previously reported 1.79 million jobs. If confirmed, this adjustment would reduce the average monthly seasonally adjusted job gains from 147,000 to roughly 70,000 during that time.

In absolute terms, this report represents the largest preliminary revision since records began in 2000, and as a percentage of total jobs affected, it's the biggest since 2009, following the global financial crisis. It builds on last year's revision, which eliminated nearly 600,000 jobs from the count for the prior 12 months ending in March 2024. For the second consecutive year, the government's flagship jobs data series has overstated the true state of employment.

Prior revisions told the same story. In fiscal year 2023, the government revised employment growth down by 443,000 jobs, which was over 40% of payroll growth. July is the only month in the 2023 fiscal year where the revised numbers estimated more jobs created than initially reported. That didn’t happen until a second revision, with the initial revision estimating 30,000 fewer jobs created than first reported.

And Back in 2022, the Philadelphia Federal Reserve estimated that the BLS overstated job creation by over 1 million between March and June of that year.

Strange how all these revisions are only in one direction isn’t it?