Throughout last year, the Biden administration consistently over-projected the monthly job growth figures by a margin of at least 1 million, as reflected in the Bureau of Labor Statistics (BLS) records. In the year of 2023, the federal government's initial estimates overvalued the U.S. employment count by an average of 105,000 each month. This imbalance equates to a monthly discrepancy of up to 1.3 million jobs across the year.

In-depth research conducted by the Daily Caller News Foundation revealed that, contrary to prior calculations, each month saw roughly 1,255,000 fewer new jobs recorded than initially thought. A major contributing factor cited for this substantial downward correction was the introduction of new census data and seasonal adjustments to the equation for total employment estimates.

Interestingly, the month of December was a notable exception to this pattern, seeing an upward revision of 115,000 jobs. This makes December the only outlier in 2023 to observe an upward adjustment of this magnitude, as reported by the news broadcast.

The data highlights that the biggest downward corrections occurred in March—at an unforgiving loss of 266,000 jobs—followed closely by January and April, with their revisions of 234,000 and 205,000 jobs respectively. However, the smallest downward adjustments occurred in the later months of the year, with November seeing a decrease of just 2,000 jobs and October observing a reduction of 11,000 jobs.

Throughout last year, the Biden administration consistently over-projected the monthly job growth figures by a margin of at least 1 million, as reflected in the Bureau of Labor Statistics (BLS) records. In the year of 2023, the federal government's initial estimates overvalued the U.S. employment count by an average of 105,000 each month. This imbalance equates to a monthly discrepancy of up to 1.3 million jobs across the year.
In-depth research conducted by the Daily Caller News Foundation revealed that, contrary to prior calculations, each month saw roughly 1,255,000 fewer new jobs recorded than initially thought. A major contributing factor cited for this substantial downward correction was the introduction of new census data and seasonal adjustments to the equation for total employment estimates.
Interestingly, the month of December was a notable exception to this pattern, seeing an upward revision of 115,000 jobs. This makes December the only outlier in 2023 to observe an upward adjustment of this magnitude, as reported by the news broadcast.
The data highlights that the biggest downward corrections occurred in March—at an unforgiving loss of 266,000 jobs—followed closely by January and April, with their revisions of 234,000 and 205,000 jobs respectively. However, the smallest downward adjustments occurred in the later months of the year, with November seeing a decrease of just 2,000 jobs and October observing a reduction of 11,000 jobs.

Subscribe to Our Show for Real News, All Day Every Day

Subscribe to Our Show for Real News, All Day Every Day

Real News Now Podcast

Real News Now Podcast is a Podcast bringing you the Real News All Day Every Day!

<a href="https://realnewsnow.com/">Real News Now</a> Podcast is a Podcast bringing you the Real News All Day Every Day!

Advertisement