Labor Dept Overestimated Job Growth By More Than 800K, Revises Data

Government figures for job growth over the past year have been significantly revised after being overestimated by more than 800,000 jobs.

The Bureau of Labor Statistics reported Wednesday that job growth throughout the 12 months ending in March would be revised downward by 818,000 jobs, a hefty drop that is roughly equivalent to 0.5% of total jobs, according to The Washington Examiner. A downward revision of more than 501,000 would be the largest in 15 years.

The drop knocks the average monthly job growth over those 12 months down from about 242,000 jobs to about 174,000. The revisions are preliminary and part of an annual review process that reconciles and revises monthly data with more reliable but slower-coming records from state governments, according to The New York Times.

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Daily Wire host Ben Shapiro said in a post on X that the revision is “amazing for two reasons.”

First, “[t]hey’ve been lying for a year about Biden job creation,” Shapiro said. Secondly, “[t]hey’re dumping this data just in time to justify a Federal Reserve interest rate decrease for the election.”

This is amazing for two reasons.
1. They’ve been lying for a year about Biden job creation.
2. They’re dumping this data just in time to justify a Federal Reserve interest rate decrease for the election. https://t.co/p5D8aqT7EW

— Ben Shapiro (@benshapiro) August 21, 2024

The revised figures will be incorporated into official government data next year after the revisions are finalized.

This is a breaking news story and will be updated.