Don’t Let Calm Seas in Uncharted Fiscal Waters Fool You - The American Spectator
American SpectatorJUL 3 2024
US Government Overreported Yearly Job Gains by 800K
Above: An employment sign is seen on the window of a Fedex store on August 02, 2024 in New York City. Image copyright: Michael M. Santiago/Staff/Getty Images News via Getty Images
The Spin
Republican narrative
This proves that Biden and the Democrats have been gaslighting the country for a year. As regular Americans felt the pain of declining wages and increased inflation, Biden unabashedly argued that at least job growth was positive. This also shows that while American citizens were forced into unemployment and excluded from pay raises, illegal immigrants were finding jobs in droves, thus pushing wages down even further.
Democratic narrative
While this report is a bit larger than usual, downward job growth revisions happen every year, including in 2019, when they were revised down by 489K. These latest numbers may have also been affected by the economic impacts of Hurricane Beryl last month in the large state of Texas. This report aside, the goal of labor market cooling to quell inflation is continuing as predicted, with unemployment rising a bit while layoffs remain low.