According to data from the Bureau of Labor Statistics (BLS), of the more than 3 million jobs the Biden administration said it had added between April 2023 and March 2024 in its first report, more than a third did not actually exist.

Including monthly revisions, the Biden administration overstated the number of jobs in the U.S. economy by 1.18 million in the year through March, about 36% of the 3.24 million it originally claimed. According to To data From BLS Calculated From the Daily Caller News Foundation. This big revision, along with a disappointing July jobs report that showed the U.S. economy added 61,000 fewer nonfarm payrolls than economists expected, is fueling fears of a recession. (Related article: Latest data shows hundreds of thousands more people working part-time in the U.S., making the U.S. economy more like a temp agency.)

“One of the few areas President Joe Biden and Vice President Kamala Harris can brag about since taking office is jobs,” he said. analysis “But we now know that a lot of it was a statistical illusion,” he said of the revisions made by the Committee to Unleash Prosperity, a conservative advocacy group.

Keep in mind that today's significant benchmark downward revision (the second largest on record) comes on top of existing downward revisions to the original monthly employment report numbers, all of which had significantly overstated trailing-month job gains by almost 1.2 million. pic.twitter.com/bZpKQdTVMA

— Dr. EJ Antoni (@RealEJAntoni) August 21, 2024

Following the revised employment report, Federal Reserve Chairman Jerome Powell suggested the Fed was concerned about the labor market in a speech at the Jackson Hole Symposium on Friday, saying the Federal Open Market Committee “does not seek or welcome a further cooling in labor market conditions,” adding that “upside risks to inflation have decreased and downside risks to employment have increased.”

The unemployment rate rose 0.2 percentage points to 4.3% in July, while year-over-year inflation fell below 3% for the first time since 2021.

In his speech, Chairman Powell said he believes a soft landing for the economy — a scenario in which inflation falls while the economy avoids a recession — is achievable despite rising unemployment, saying, “There is every reason to believe that with appropriate easing of policy restraints, the economy could return to 2 percent inflation while maintaining a strong labor market.”

As of Friday, about 65% of traders expect the FOMC to cut its target for the federal funds rate by 0.25%, while about 35% expect a cut of 0.5%. The FOMC has kept the federal funds rate range at 5.25% to 5.50%, a 23-year high, since August 2023. According to to the Federal Reserve Bank of St. Louis.

The White House did not immediately respond to a request for comment.

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