‘Shocking’ Jobs Number Revision Brings Questions About Biden-Harris Economy
Former President Donald Trump blasted the Biden administration, calling it a “massive scandal.”
New federal economic data shows that previous data significantly overestimated the health of the U.S. economy.
The Department of Labor released revised jobs data that showed they overestimated the number of jobs created in the U.S. economy by 818,000, a whopping revision that set off alarm bells Wednesday.
Economic data is often revised in this way, but the size of this change is large enough to raise eyebrows.
“Even this number is shocking, job growth is still positive,” Jamie Cox, Managing Partner for Harris Financial Group in Richmond, Va., said in a statement. “If you are in the rate cut in September camp, these data all but seal the deal on what Fed needed to cut rates.”
The new job creation numbers are nearly a third lower than the previous figure. The numbers come amid scrutiny of the economic record of Vice President Kamala Harris, the Democratic presidential pick, whose