WOW! U.S. job creation slashed by 818,000, cementing case for Fed interest-rate cuts!

[DigitalDrifter]

This is a revision, and WHAT a revision!
It looks like Bidenomics is not exactly the glittering jewel that Democrats have tried to sell us.

The labor market cooled off earlier and faster than previously reported​

The U.S. added 818,000 fewer jobs from the spring of 2023 to the spring of 2024 than previously reported, indicating the labor market began to cool off earlier and faster than it appeared at the time.

The smaller number of new jobs created gives further impetus for the Federal Reserve to cut interest rates in September as widely expected. And to keep cutting.

The central bank is required under the law to keep inflation low and employment high.
“The Fed will see the revisions as another reason to pull forward plans to reduce interest rates,” said chief economist Bill Adams of Comerica Bank in Dallas.
The government’s revised estimate of employment growth showed the economy gained about 2.1 million jobs from April 2023 to March 2024.

https://www.marketwatch.com/story/u-s-job-gains-have-likely-been-exaggerated-now-well-find-out-by-how-much-8fe9dd3d

 

[SassyIrishLass]

The government lied to us.

Bidenomics is an utter disaster

 

[Harpy Eagle]

The government lied to us.

Bidenomics is an utter disaster

They do this every year....Did Trump lie to us in 2019

 

[SassyIrishLass]

They do this every year....Did Trump lie to us in 2019

View attachment 999045

Not to the tune of 800k

Now sit down and shut up, you're fckn annoying

 

[Harpy Eagle]

This is a revision, and WHAT a revision!
It looks like Bidenomics is not exactly the glittering jewel that Democrats have tried to sell us.

The labor market cooled off earlier and faster than previously reported​

https://www.marketwatch.com/story/u-s-job-gains-have-likely-been-exaggerated-now-well-find-out-by-how-much-8fe9dd3d

The number is in the middle of what the predictions would be, I saw between 600,000 and 1,000,000.

They this revision every year, this one broke the record set in 2019.

So far the markets are ok this this news.

 

[shockedcanadian]

This is a revision, and WHAT a revision!
It looks like Bidenomics is not exactly the glittering jewel that Democrats have tried to sell us.

The labor market cooled off earlier and faster than previously reported​

https://www.marketwatch.com/story/u-s-job-gains-have-likely-been-exaggerated-now-well-find-out-by-how-much-8fe9dd3d

Don't worry, communism is going to save you from all of these silly capitalism problems soon. Keep your chin up, help is on the way!

 

[Rambunctious]

Lots of job losses leading up to an election is not good for the people in charge...

 

[boevans]

Bidenomics is a jewel when contextualized with Trump generated worldwide inflation.

This admin has been fantastically successful. No pending recession in our history will have the soft landing as this one coming.

 

[SassyIrishLass]

Bidenomics is a jewel when contextualized with Trump generated worldwide inflation.

This admin has been fantastically successful. No pending recession in our history will have the soft landing as this one coming.

OMG

 

[MarcATL]

Not to the tune of 800k

Now sit down and shut up, you're fckn annoying

More Chicken Little hysterics from the rabid right wing.

 

[SassyIrishLass]

More Chicken Little hysterics from the rabid right wing.

Pointless post given the reality

 

[1srelluc]

Sort of goes back to a thread I made about seeing more posts on another (more blue collar) forum about members getting laid-off at a good clip now.

Mere anecdotal evidence the Marxist dems assured me at the time.

 

[whitehall]

Illegal aliens working off the books and business shut down for good because of street crime. What do you expect?

 

[M14 Shooter]

They do this every year....

Every year, they revise down by 818k?

Did Trump lie to us in 2019

That he did or did not does not mean Biden did or did not.
That is, it is entirely possible the 2019 numbers were simply wrong and the administration lied in 2024.

 

[DakotaKai_fan20]

With less job creation, rampant inflation, and stagnant wages this country is going down the toilet. Welcome to the enshittification of the United States.

 

[Harpy Eagle]

Every year, they revise down by 818k?

No, the revise them up or down every year.

This year it was a .5% revision.

That he did or did not does not mean Biden did or did not.
That is, it is entirely possible the 2019 numbers were simply wrong and the administration lied in 2024.

And it is entirely possible the 2019 numbers were a lie by the Admin and the 2024 were simply wrong.

Chances are they were both just wrong since the same people using the same methods were doing both.

 

[Frankenstein]

The government lied to us.

Bidenomics is an utter disaster

Had to!

 

[Harpy Eagle]

With less job creation, rampant inflation, and stagnant wages this country is going down the toilet. Welcome to the enshittification of the United States.

Even with this revision there were still more than 2 million jobs created over the 12 month period or an average of 175,000 a month. Those are very good numbers

 

[M14 Shooter]

No, the revise them up or down every year.

When was the last downward revision of 818k?

And it is entirely possible the 2019 numbers were a lie by the Admin and the 2024 were simply wrong.

Yep.
Conclusion: Your question as to if Trump lied is irrelevant.

 

[Harpy Eagle]

When was the last downward revision of 818k?

This is a new record.