By Matt Margolis | PJ Media.com
AP Photo/Stephanie Scarbrough
On Wednesday, just as expected, the Bureau of Labor Statistics had to come clean and revise down its wildly inflated job numbers for the year through March. The report reveals that the Biden-Harris administration brazenly overstated job creation by a staggering 818,000.
"It is a huge revision down, 818,000 fewer jobs," Edward Lawrence of Fox Business reported. "This is the — basically, the government's overstated the amount of people in the workforce. And even when you look under this, manufacturing was down a — 115,000 people. So this is a revision down, a significant revision down, the largest in 15 years that we've seen."
"And it basically says that the government has now overstated the amount of people who are working in this workforce," he continued. "It shows weakness in the job markets over the past year that we didn't realize was there, but now we know is there. So again, 818,000 overall jobs down, manufacturing down 115,000… And if you could just put construction down 45,000, so these numbers are huge numbers in revisions down."
The Hill has more:
The annual BLS revision of the previous year’s job gains showed 2023 employment growth falling 0.5 percent from what the Labor Department first reported. Such annual revisions typically increase or decrease the previous year’s employment levels by 0.1 percent, the agency said.
Experts were bracing for a sizeable annual revision.
Economists at Goldman Sachs forecasted a decline of up to 1 million jobs. The investment bank and Wells Fargo ultimately expected the preliminary benchmark revisions to be at least 600,000 jobs weaker than previous estimates, while JPMorgan Chase forecasters expected a decline of about 360,000.
Wednesday’s revisions could fuel concerns that the Federal Reserve may be behind on cutting interest rates, which it hiked from near zero in March 2022 to a range of 5.25 percent to 5.5 percent in July 2023.
This isn’t just a simple correction: It's a glaring example of deliberate manipulation. The sheer magnitude of this downward adjustment is scandalously high, raising serious questions about how much more this administration is willing to deceive the public in the hopes of dragging the Democrat presidential candidate over the finish line in November.
Business Insider predicted on Tuesday that "a large downward revision in job growth could also shake up markets, putting negative pressure on stock prices as investors grapple with a potential growth scare in the economy and recession concerns following the weaker-than-expected July jobs report."
Americans are also feeling more nervous about their jobs.
"The Federal Reserve Bank of New York’s latest survey on consumers’ labor market experiences and expectations showed that job, wage, and benefits satisfaction all sank in July," CNN reported earlier this week. "In addition, the survey showed that fewer people were employed, a record share of people were looking for jobs, and the average expected likelihood of becoming unemployed rose to 4.4% — also the highest on record for the survey, which was started 10 years ago."
