The administration of President Joe Biden and Democrat presidential nominee Kamala Harris has been caught overcounting job growth numbers by a staggering one million, a bombshell new report has revealed.
The federal government overestimated the number of jobs in the U.S. economy by 818,000 between April 2023 and March 2024.
The overcounting was exposed in data published in a report from the Bureau of Labor Statistics (BLS) released Wednesday.
The issue is again stoking fears of a slowdown in the U.S. economy.
President Trump responded to the new report that the jobs numbers under Biden and Harris are fraudulent.
“There has been a report that the job numbers, over the last period of time, were fraudulent,” Trump said.
“The job numbers were far less – nobody’s ever seen – 600,000 to a million people less/jobs less,” he added.
“That’s a terrible insult to our economy.”
WATCH:
Economists at Goldman Sachs (GS) and Wells Fargo anticipated the government had overestimated job growth by at least 600,000 in that span, according to Bloomberg.
JPMorgan Chase economists, meanwhile, had predicted a smaller decline of 360,000.
The downward revision follows a trend of Biden’s BLS overestimating the number of nonfarm payroll jobs added.
The cumulative number of new jobs reported in 2023 is roughly 1.3 million fewer than previously thought as of February 2024.
Something to watch this week: Preliminary annual payrolls revisions get released on Wednesday, covering April 2023 through March 2024. Economists expect jobs added to be revised down by as much as 1 mil. pic.twitter.com/dfuYp3yPm9
— Liz Young Thomas (@LizThomasStrat) August 19, 2024
Fears of a slowdown in the U.S. economy surged earlier in August following a disappointing July jobs report.
The report saw unemployment rise to 4.3%, up 0.2% from June.
The rising specter of an American recession led to a global market sell-off earlier this month.
Japan’s Nikkei 225 index plummeted 12.40% on August 5, its largest decline since Black Monday in 1987.
The S&P 500 also fell 3.00% in its worst single-day loss since late 2022.
Nevertheless, the indexes recouped much of their losses the following day.
The Nikkei and the S&P rose 10.2% and 1.0% respectively, according to ABC News.
Wednesday’s downward revision has also heightened concern that the Federal Reserve has waited too long to begin cutting interest rates, Bloomberg reported.
If the FOMC hesitates to cut rates for too long, it could result in a recession instead of a soft landing.
The Federal Open Market Committee (FOMC) decided to hold its target federal funds rate between 5.25% and 5.50% in July, marking the eighth meeting in a row the FOMC has decided to keep rates at their current 23-year high.
Aside from the numbers being overcounted, all jobs growth seen post-Covid under Biden-Harris went to foreign-born workers, including illegal aliens.
According to a February report from the Center for Immigration Studies:
“All employment growth has gone to the foreign-born.
“183,000 fewer U.S.-born Americans are working than in 2019, before Covid.
“Yet, the number of immigrants (legal and illegal) working is up 2.9 million over 2019.”
All employment growth has gone to the foreign-born. 183,000 fewer U.S.-born Americans are working than in 2019, before Covid. Yet, the number of immigrants (legal and illegal) working is up 2.9 million over 2019. pic.twitter.com/qVTbLptXw6
— Center for Immigration Studies (@CIS_org) February 13, 2024
With the economy being a key issue for voters, the news should be a blow to Harris’s election hopes.
However, as the corporate media continues to “rebrand” Harris and distance the vice president from Biden’s disastrous polices, most Americans will probably never even hear about it.
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