The final jobs report of the Biden-Harris administration before the election has just been released - and it’s a major dud.
In fact, it’s such a dud that it could even explain the administration and media being even more hysterical than usual in recent weeks.
According to Fox Business:
U.S. job growth slowed down in October, coming in well short of economists' expectations, while the unemployment rate was unchanged.
The Labor Department on Friday reported that employers added 12,000 jobs in October, well below the 113,000 gain that was predicted by LSEG economists.
The number of jobs added in the prior two months were both revised downward, with job creation in August revised down by 81,000 from a gain of 159,000 to 78,000, while September was revised down by 31,000 from a gain of 254,000 to 223,000.
The downward revisions follow a common pattern seen under the Biden-Harris administration.
In fiscal year 2023, the government revised employment growth down by 443,000 jobs, which was over 40% of payroll growth. July is the only month in the 2023 fiscal year where the revised numbers estimated more jobs created than initially reported. That didn’t happen until a second revision, with the initial revision estimating 30,000 fewer jobs created than first reported.
And Back in 2022, the Philadelphia Federal Reserve estimated that the BLS overstated job creation by over 1 million between March and June of that year.
Strange how all these revisions are only in one direction isn’t it?
If an abysmal 12,000 jobs is what they’re reporting, we can only speculate that the real number is even worse.
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