The latest Bureau of Labor Statistics (BLS) report made the largest downward revision of jobs in 15 years – since 2009. The BLS report shows a staggering 818,000 jobs literally disappeared between April 2023 and March 2024.
The jobs disappeared from a number of categories: Manufacturing lost 115,000; Trade, Transportation, & utilities lost 104,000; Professional & Business Services lost 358,000; and Leisure and Hospitality lost 150,000.
It is also worth noting that 1.2 million native-born Americans lost jobs over the past year while 1.3 million foreign-born workers found jobs.
It is not far-fetched to think that the jobs numbers had been inflated for political gain in a year of a heated, and close, presidential race.
Former President Trump wasted no time reacting to this on Truth Social saying, "MASSIVE SCANDAL! The Harris-Biden Administration has been caught fraudulently manipulating Job Statistics to hide the true extent of the Economic Ruin they have inflicted upon America."
Trump also warned Harris 2024 voters, adding, "The real numbers are much worse than that and, if Comrade Kamala gets another four years, millions more Jobs will VANISH overnight, and inflation will completely destroy our country."
Many raised questions as to how an error this large could have been made. The revised numbers show that the job market has been steadily slowing. The Department of Labor originally estimated job growth of 242,000 a month in July and had to revise that down 68,000 to 174,000.
Even Nicole Shanahan, former Presidential candidate Robert F. Kennedy Jr.’s running mate and well-known as being left-leaning on many issues but also an astute businesswoman, lit into the Biden-Harris Administration for using the BLS saying, "The Bureau of Labor Statistics has long been used as a tool of propaganda by the executive branch. Here’s how: they distort definitions, manipulate data, exclude discouraged workers, and revise past reports to create narratives that fit the agenda of whichever administration is in power."
Many are sounding the alarm over concerns the U.S. economy could be cracking under the highest interest rates in 23 years and that the Federal Reserve will begin to cut interest rates soon.
The Kobeissi Letter points to a “jaw-dropping 1,088,000 difference in job count over just two quarters.”
“The US Labor Department revises 12-month job growth down by a massive 818,000 jobs. In other words, the US economy actually created 818,000 LESS jobs than initially reported. Furthermore, the US economy LOST 192,000 jobs in Q3 2023 and added 344,000 jobs in Q4 2023, according to the BED survey released by BLS. On the other hand, nonfarm payrolls data showed that the US labor market added 663,000 and 577,000 new jobs in Q3 and Q4 2023,” Kobeissi said.
America First Works, said, “818,000 “jobs” just vanished in an instant. They never existed. It's the largest downward revision in 15 YEARS. Kamalanomics is nothing but smoke and mirrors.”
This is a blow to the Biden-Harris Administration and the Harris campaign because they have consistently said they led the largest job creation in American history – over 15 million jobs repeat often.
When Biden, and now Harris, make these claims they leave out the important context that the overwhelming of that ‘job growth’ was simply pre-COVID jobs coming back. It was the natural outcome of the pandemic passing and the economy opening back up. The jobs coming back were not related to the Biden-Harris economic agenda. Biden-Harris cannot take credit for a naturally occurring outcome.
In other words, Biden-Harris don’t get credit for pre-pandemic jobs coming back naturally with the opening up of the economy any more than former President Trump can be dinged for the jobs being “lost”. The pandemic was an outlier and any jobs lost or gained during that time must be controlled for in any analysis.