The former Biden administration’s claim to have added nearly 400,000 jobs from July to September of 2024, is being scrutinized after new data released by the Labor Department suggests that none of those jobs ever existed.
Bean counters under the former Biden administration published optimistic estimates for everything from job growth to the size of the economy, only to quietly walk those numbers back and revise them down to more realistic results afterward.
“[N]ew data suggest *none* of those jobs ever existed” https://t.co/6lrXo0Fj5m
— Mike Lee (@BasedMikeLee) May 12, 2025
The Bureau of Labor Statistics (BLS) calculates monthly the estimated number of non-farm payrolls as well as making revisions for its last two months’ estimates.
Townhall reports that, under the Biden administration, the revisions were typically abnormal in magnitude and direction and required significant revision downward.
During the third quarter of 2024, the monthly job reports showed an increase of 399,000 jobs.
But with more comprehensive quarterly data being released by the Business Employment Dynamics (BED) survey, the new numbers had to be revised to show a 1,000 job decline during that same period.
The more comprehensive quarterly reports are used to create an annual benchmark figure which adjusts 12 months of jobs data to make the report as accurate as possible.
The annual benchmark figures are published each March and this year’s annual benchmark figures for the period between March 2023 and March 2024 showed a staggering loss of 598,000 non-farm payroll jobs.
Those downward revisions are expected to continue as more of the Biden-era jobs data is released.
From March through June of 2024, the economy supposedly added 398,000 nonfarm payrolls, according to the monthly job reports.
However, the BED data shows a net loss of 163,000 private sector jobs during that time period.
Instead of adding nearly 800,000 jobs during the middle of last year, the economy likely lost 160,000 of them instead.
The Democrats were insistent that the economy was doing great under Biden, but the voters refused to be gaslit about the economic pain they’ve been feeling and voted accordingly.
Tyler Durden
Sun, 05/18/2025 – 12:50
