According to President Joe Biden’s Department of Labor, nearly 1,047,000 jobs were created during the second quarter of 2022.
Biden repeatedly referred to this figure as evidence of his administration’s success.
The Federal Reserve Bank of Philadelphia published last week an assessment that showed Q2 2022 employment growth was closer than 1%. This suggests that Biden may be promoting “malarkey” ahead of the midterm elections, despite having promised not to.
But what about the details?
The Philadelphia Fed reported on December 13 that there were significant differences in the employment changes between March 2022 and June 2022 in 33 states (and District of Columbia) when compared with current state estimates from Bureau Labor of Statistics. Current Employment Statistics (CES span>
The BLS falls under the Department of Labor of the Biden administration.
Contrary to the BLS’s suggestion, the Philadelphia Fed’s assessment “indicated higher volatility in four states, lower changes in 29 states and District of Columbia as well as less changes in 17 states.” ”
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According to the Quarterly Census of Employment and Wages, Philadelphia Fed’s “more accurate and complete job estimates” was based on data released by BLS. The Fed determined that 10,500 new jobs were created in the period instead of 1,121,500. According to the U.S. CES, net growth was 1,047,000 during this period.
This represents a growth estimate of almost 11,000%, or approximately 1,036,500 jobs.
After adjusting QCEW data, the report concluded that “Payroll jobs in the nation remained essentially unchanged between March and June 2022.” ”
Paul Flora, regional economist at the Philadelphia Reserve, said that the large revisions are due in part to the fact that preliminary estimates of state employment are only based on a limited number of firms. However, the BLS does not issue its benchmark revisions of state unemployment estimates more than once a year.
Although preliminary BLS assessments are often very inaccurate, Biden still cited his department’s estimate with confidence.
The Biden White House issued a statement on July 28 claiming that the “our job market is still historically strong, with unemployment at 3.6% and more than 1,000,000 new jobs in the second quarter.” ”
The Hill reported that Biden was exaggerating the illusion of a strong labor force market in order to “argue that America does not face a crisis” at the White House’s July Announcement.
The Washington Times noted that Biden’s false boast was made in the heat of the midterm elections campaign.
Biden had earlier boasted that Biden had created more jobs than any other quarter in the past 40 years. ”
Senator Rick Scott (Republican From Florida) criticised the misleading estimate made by Biden’s government, tweeting: “Wrong About a Million Jobs. This absurd.
Scott noted that the Biden administration “lied to Americans regarding the economy to support his failed agenda.” ”
Rep. Lee Zeldin (R.N.Y.). Lee Zeldin (R.N.Y.) stated that “This would be the top news in America” if an administration of Republican presidents cooked books such as these on a jobs report during midterm elections. ”
Charlie Kirk, the founder of Turning Point USA asked the question: “Should people assume everything they tell us about an electoral election is a lie?” ”
ZeroHedge discovered an apparent contradiction in Labor Department figures in July. It asked: “How many months before Republicans – who will assume control of Congress in January — start hearings to demonstrate to the US that the collapsed labour market didn’t begin with the Republican takeover but was already in effect last summer [?] ]”?