How Did 250,000 Jobs Suddenly Vanish This Year?
I & I Editorial Board
July 6, 2024
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Did the economy create 206,000 jobs last month? That’s what the Bureau of Labor Statistics reported on Friday. But don’t believe it. Under President Joe Biden, the BLS has been consistently inflating monthly job growth numbers.
It makes great public relations, because the press reports only on the initial estimate, and rarely follows up on the subsequent downgrades. But it does help explain why nobody believes Biden’s – and the mainstream media’s – propaganda about how great the labor market is doing.
Last month, for example, BLS said that the economy created 272,000 jobs, which the media branded as “whopping,” “robust,” “vigorous,” and a “blowout.” Economists had expected 190,000 new jobs in May.
But on Friday, the Bureau of Labor Statistics admitted that it had overestimated job gains in May by 20%, with the new figure just barely above economists’ expectations. The change barely got a mention in the press.
Likewise, April’s job gain, which the BLS initially claimed was 175,000, is now just 108,000. That’s a 38% downgrade.
January’s 353,000 new jobs – which reportedly “blew economists’ expectations out of the water” – was almost 100,000 jobs too high. February’s initial estimate has since been cut by almost 40,000. (See the chart below.)
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https://issuesinsights.com/2024/07/06/how-did-250000-jobs-suddenly-vanish-this-year/
