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Trying to nail down Joe Biden or Kamala Harris on the number of jobs they've "created" — the government does not create jobs; it can create economic conditions that can lead to job creation or job losses — during the last disastrous three-and-a-half years is like trying to nail Jell-O to the wall. However, the U.S. Bureau of Labor Statistics (BLS) jobs report for August, released on Friday, exposed far more troubling data and trends than the Biden-Harris administration would admit in a proverbial million years. Not only does it appear that the country is still shedding full-time jobs while...

Federal Reserve Chairman Jerome Powell, in his prepared speech at the recent Jackson Hole Economic Symposium, said: “It seems unlikely that the labor market will be a source of elevated inflationary pressures anytime soon. We do not seek or welcome further cooling in labor market conditions.”Have the central bank’s tightening efforts since March 2022 finally doused the red-hot, post-COVID-19 pandemic U.S. labor market?So far this year, the number of new jobs has totaled about 1.9 million, compared with 1.4 million in 2023. The unemployment rate is at 4.3 percent, compared with 3.5 percent.Over the past year, market watchers have observed...

A group of Republican senators wants to know how President Biden’s Department of Labor severely overestimated the number of new jobs created over the past year — after the agency made its largest downward revision to US payroll figures since 2009. The revised figures from the Bureau of Labor Statistics (BLS), released last week, suggested that there were actually 818,000 fewer jobs during the 12 months ending in March than initially reported — an indication that the economy may be less robust than the White House is saying. That means that the actual job growth during that period was likely...

As part of its preliminary annual benchmark revisions to the nonfarm payroll numbers, the Bureau of Labor Statistics said the actual job growth was nearly 30% less than the initially reported The revision to the total payrolls level of -0.5% is the largest since 2009. At the sector level, the biggest downward revision came in professional and business services, where job growth was 358,000 less than initially reported.

The U.S. economy created 818,000 fewer jobs than originally reported in the 12-month period through March 2024, the Labor Department reported Wednesday. As part of its preliminary annual benchmark revisions to the nonfarm payroll numbers, the Bureau of Labor Statistics said the actual job growth was nearly 30% less than the initially reported 2.9 million from April 2023 through March of the following year.

Joe Biden and Kamala Harris were cooking the books the whole time and lying to the American people. The Bureau of Labor Statistics will downward revise jobs AGAIN on Wednesday by up to 1 MILLION! On Wednesday, the Bureau of Labor Statistics will downward revise jobs for the April 2023-March 2024 period by up to 1 million. This means that all "beats" recorded in the past year will have been misses and the US job market is in far worse shape than the admin would admit. — zerohedge (@zerohedge) August 18, 2024 According to Bloomberg, payrolls growth between April 2023...

The Bureau of Labor Statistics has “revised” job growth numbers from the first quarter of 2024, showing up to a million jobs didn’t actually exist. “US job growth in the year through March was likely far less robust than initially estimated, which risks fueling concerns that the Federal Reserve is falling further behind the curve to lower interest rates,” Bloomberg reports. “Goldman Sachs Group Inc. and Wells Fargo & Co. economists expect the government’s preliminary benchmark revisions on Wednesday to show payrolls growth in the year through March was at least 600,000 weaker than currently estimated — about 50,000 a...

The U.S. unemployment rate has drifted upward over the past year, fueling recession concerns. The unemployment insurance program buckled during the Covid-19 pandemic under a deluge of claims. Experts say the system for unemployment benefits is ill equipped to handle the next economic downturn. Renewed fears of a U.S. recession have put a spotlight on unemployment. However, the system that workers rely on to collect unemployment benefits is at risk of buckling — as it did during the Covid-19 pandemic — if there’s another economic downturn, experts say. “It absolutely isn’t” ready for the next recession, said Michele Evermore, senior...

Vice President Kamala Harris’s campaign on Friday blamed former President Donald Trump for the recent spike in the unemployment rate — under her and President Joe Biden’s administration. “Donald Trump failed Americans as president, costing our economy millions of jobs, and bringing us to the brink of recession,” James Singer, a Harris for President spokesperson, said in a statement, continuing: Now, he’s promising even more damage with a Project 2025 agenda that will decimate the middle class and increase taxes on working families, while ripping away health care, raising prescription drug costs, and cutting Social Security and Medicare — all...

There are lies, damned lies, and government statistics — and maybe none is more damnable than the official unemployment rate which is half the actual rate .. Worse, the number of Americans who are neither retired nor employed is more than four times higher than July's official rate of 4.3%. ... July the percentage of Americans who are unemployed and looking for work — this is the number that the Bureau of Labor Statistics (BLS) should report each month — was 8.4%. The BLS reported a rosy 4.3% unemployment ... One in four adult Americans is retired, which is nice...

The U.S. added 114,000 jobs in July and the unemployment rate rose to 4.3 percent, according to data released Friday by the Labor Department. Economists expected the U.S. to add 175,000 jobs and keep the jobless rate steady at 4.1 percent, according to consensus estimates. The July jobs report comes two days after Federal Reserve officials hinted that they could begin cutting interest rates as soon as September. As both inflation and the U.S. job market keep cooling off, the Fed is aiming to bring rates down quickly enough to avoid a deeper slowdown, but slowly enough to keep prices...

U.S. job growth cooled sharply in July while the unemployment rate unexpectedly rose to the highest level in nearly three years. The Labor Department reported Friday that employers added 114,000 jobs in July, missing the 175,000 gain forecast by LSEG economists. The unemployment rate also unexpectedly inched higher to 4.3% against expectations that it would hold steady at 4.1%. It marked the highest level for the jobless rate since October 2021.

The number of Americans filing new applications for unemployment benefits increased to an 11-month high last week, suggesting some softening in the labor market, though claims tend to be volatile around this time of the year. Initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 249,000 for the week ended July 27, the highest level since August last year, the Labor Department said on Thursday. Economists polled by Reuters had forecast 236,000 claims for the latest week. Claims have been on an upward trend since June, with part of the rise blamed on volatility related to temporary...

The other day, I was tooling around at the grocery store and, in line to check out, I noticed a clothes hamper in the shopping cart in front of me. I thought it was pretty nice. I said so to the person pushing the cart.Yes, I know it is awkward to strike up such conversations but I’m glad I did. I quickly found that the shopper was not buying for himself but for a customer of Instacart, an online ordering service. He was working and shopping as a customer himself.Intrigued, I asked other questions. He has a university degree, recently...

The uptick in the June unemployment rate along with significant downward revisions in the job additions for April and May are the latest signs that the economy may be slowing down under high Federal Reserve interest rates. The Friday numbers from the Labor Department showed the unemployment rate increasing to 4.1 percent in June from 4 percent in April, the third month in a row of 0.1-percentage point increases. Jobs added to the economy in May were revised down to 218,000 from 272,000 and in April to 108,000 from 165,000. While the economy added a healthy 206,000 jobs in the...

Tech companies and startups overhired, overspent, and overpromised — so what they’re doing now that the money isn’t coming as easily should be no surprise. Since 2022, the industry has laid off over 528K workers, echoing the downturns of the Dotcom Bubble and the Great Recession. Even with an improving economy and record stock valuations, jobs aren’t returning. This time, things might really be different.Peak software: ADP reports that the US employs fewer software developers than pre-pandemic — with a 17% drop since 2018. Job opportunities in traditionally stable tech fields are also drying up as software companies’ growth slows...

The number of continuing applications for unemployment benefits hit its highest level since November 2021 last week, furthering signs the labor market is cooling as unemployed workers struggle to find new jobs. New data from the Department of Labor showed nearly 1.84 million claims were filed in the week ending June 22, up from 1.82 million the week prior. Meanwhile, the 4-week moving average of weekly jobless claims ticked higher by 3,000 to 236,000, the highest rate since September 2023. LPL Financial chief economist Jeffrey Roach reasoned the data is "sending a warning sign that the labor market could be...

Despite President Joe Biden touting his economic “accomplishments,” a new report reveals that there are more foreign born workers in the United States than American workers. New Bureau of Labor Statistics data released this week found that there are 637,000 non-American citizen workers in the country. On the contrary, nearly 300,000 native-born Americans lost their jobs. Economist E.J. Antoni told The Federalist that the government has added a significant amount of jobs that are primarily only held by foreign born workers, leaving Americans struggling to look for jobs. “No wonder Americans view economy so terribly: they aren’t the ones [with]...

Yay! More jobs! Boo! No interest cut!In any event, that's the headline based on the numbers that came in this morning.The U.S. economy added far more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve’s impetus to lower interest rates.Nonfarm payrolls expanded by 272,000 for the month, up from 165,000 in April and well ahead of the Dow Jones consensus estimate for 190,000, the Labor Department’s Bureau of Labor Statistics reported Friday.And, not breaking the trend, there were downward revisions yet again to previous months' job numbers....Previous months’ reports...

The unemployment rate in the Gaza Strip has soared to nearly 80 percent amid the Israel-Hamas war that has been raging since October, according to a United Nations labor agency report released Friday. The war has caused a massive amount of job loss, bringing the unemployment rate in Gaza to 79.1 percent, according to the International Labour Organization’s (ILO) assessment. Unemployment in the West Bank, which has also been rocked by the conflict, has reached 32 percent. The unemployment rate across both territories now sits at 50.8 percent. The unemployment numbers do not account for those people who have left...