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Biden Administration Grossly Overreported Jobs Numbers in 2023, and There's More Bad News – RedState
Per a new report, the total number of jobs overreported clocked in at a whopping 439,000 for the year 2023, and there's more bad news involved. //
That's an average of about 40,000 jobs per month being erroneously claimed as "created." A couple of mistakes would be understandable, but this is clearly a systemic issue with how the numbers are gathered, and it cannot be assumed to be accidental at this point.
Entire markets shift based on the jobs numbers put out by the Bureau of Labor Statistics. Retirements go up and down, investments rise or fall, and companies sink or swim with the understanding that what is released is accurate. The numbers are not accurate, though, and that could severely complicate matters going forward. Never mind that this is yet another example of the Biden administration appearing to play politics with functions that aren't supposed to be political. //
Further, as noted in the above report, the labor participation rate is at a record low of 62.5 percent, meaning more and more people are simply not looking for jobs anymore. That helps bolster the unemployment rate because those people are then not considered in the calculations.
The Biden administration has created a room full of smoke and mirrors.