It would’ve been even more surprising if this wasn’t the case.Biden's legacy: 2024 jobs numbers revised by ~600K lower pic.twitter.com/A9UStUzkm2
— zerohedge (@zerohedge) February 7, 2025
BREAKING: Major revisions to the jobs report. 17 of the last 25 months have been revised DOWN.
— Andrew @ Don’t Walk, RUN! (@DontWalkRUN) February 7, 2025
On average, there were 49,833 fewer jobs each month from April 2023 to March 2024. The Labor Dept overestimated jobs during this time by 598,000. pic.twitter.com/SSjCccQ4sN
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?
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