Liberty Nation News has accused the Biden administration of playing a “shell game on inflation and employment” by overstating job growth numbers in 2023. Though a Bureau of Labor Statistics (BLS) report showed the “US economy added 3.013 million new jobs” in 2023, the report reportedly does not properly factor in “new employment” numbers.
In a stunning reprimand, the outlet asserted that according to BLS data, “employment growth was vastly overstated in 2023.”
Federal Reserve Bank of Philadelphia statisticians analyzed the BLS Quarterly Census of Employment and Wages (QCEW) report and determined that payroll data was inflated by 300%.
The payroll numbers indicate the employment report overstated 306,000 jobs in March alone.
According to the data, the Bureau of Labor Statistics (BLS) conducted a revision to the data from its monthly survey of businesses' payrolls, then benchmarked the March employment level to those measured by the Quarterly Census of Employment and Wages (QCEW) program. As a result…
— Double (@ozidiicongo) March 9, 2024
A Fox Business analysis of the data revealed that in the first 11 months of 2023, the BLS employment report overestimated the number of jobs created by the Biden administration by 439,000.
The Fox Business report cast doubt on the efficacy of the President’s “Bidenomics” catchphrase, concluding, “The job market is not as healthy as the government suggests.”
MSN noted that David Rosenberg, founder of Rosenberg Research Associates, was harsher in his assessment.
He posted: “Time to stop trading off the payroll data. The downward revisions in 2023 totaled an epic 443k. More than 40% of payroll growth in 2023 didn’t even come from the survey but from the fairy-tale ‘Birth-Death’ model.”
The Philadelphia Federal Bank presented a tempered correction. An excerpt read: “Our early benchmark analysis indicates that total payroll jobs fell in Delaware and New Jersey and were essentially unchanged in Pennsylvania, from March through June 2022. These estimates are in contrast to the substantial growth indicated by the current … monthly estimates.”
This is the second year in a row the BLS report appears to have overstated employment numbers. In 2022, the regional central bank accused the BLS of overstating employment numbers by 1.1 million.
Financial analyst and Forbes Media chairman Steve Forbes commented in January that Biden’s 2023 jobs report is “weird,” adding that the administration is celebrating an increase of more than 700,000 new jobs, but “household surveys” indicate a decrease of 700,000 jobs.
Forbes added that the report included a disproportionate number of government and health services jobs, which, some argue, skew the true picture of the employment sector.
