In a significant blow to the Biden-Harris administration’s economic narrative, the Labor Department is poised to issue a revised job creation figure this week, slashing the previous estimates by nearly 900,000 jobs. This adjustment starkly contrasts the administration’s prior assertions of a robust job market, casting doubt on the effectiveness of their economic policies.
The revision is expected to reveal that employers added approximately 818,000 fewer jobs in the 12 months leading up to March than initially reported. This correction suggests that the U.S. economy may have added around 178,000 jobs per month during this period, significantly lower than the previously touted figure of 246,000 jobs per month. This discrepancy could severely undermine the credibility of outgoing President Joe Biden and his intended successor, Vice President Kamala Harris, as they prepare for the upcoming election cycle.
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“Wednesday’s report marked the first step of an annual process by which the Labor Department updates older payroll figures using data from state unemployment-tax records that is more comprehensive, but less timely, than its monthly employer survey,” reported The Wall Street Journal. The report also emphasized that this revision is only preliminary, with final adjustments expected in February.
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