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It’s become almost unsporting to slam U.S. president Joe Biden. The lamest of lame duck presidents, America’s 82-year-old commander-in-chief has endured an absolutely humiliating year – getting booted from his own party’s ticket while watching his legacy implode on multiple fronts.
One of the biggest black eyes to befall Biden? The announcement earlier this year that an estimated 818,000 jobs reportedly created by his administration between April 2023 and March of 2024… vanished. Well guess what… there’s more where that came from. Or to be precise, less where that didn’t come from.
Last Friday (December 13, 2024), the Philadelphia Federal Reserve quietly announced its latest “early benchmark revisions” of state payroll data from March through June of this year. These revisions use “more comprehensive job estimates” than the data churned out monthly by the U.S. Bureau of Labor Statistics (BLS).
We follow these numbers closely because we religiously track state-level jobs data here at FITSNews… so we know by now that “revisions” typically follow a predictable pattern.
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The latest numbers (.pdf) showed that 25 states experienced a downward revision from the original BLS data compared to two states which did better than expected. Meanwhile the remaining 23 states saw “lesser” – or statistically insignificant – changes.
Official numbers won’t be released until February 7, 2025 – two-and-a-half weeks into the second administration of Donald Trump – but the Philly Fed estimated payrolls declined during this period by 0.1 percent as opposed to rising by 1.1 percent, as previously reported by the BLS.
In other words, rather than posting the embarrassingly anemic job gains the Biden administration previously touted during this period, the nation’s economy actually lost jobs.
Needless to say, that’s another massive miss for the BEA… and further evidence the former administration was mainlining propaganda as opposed to providing the public with accurate employment numbers.
New early benchmark data will be released by the bank on March 21, 2025.
Count on FITSNews to keep our audience in the loop as to the full impact of these revisions…
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THE DATA…
(Philly Fed)
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ABOUT THE AUTHOR …
Will Folks is the founding editor of the news outlet you are currently reading. Prior to founding FITSNews, he served as press secretary to the governor of South Carolina. He lives in the Midlands region of the state with his wife and eight children.
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2 comments
On January 20th all these “fake” jobs will miraculously turn into real jobs! Hallelujah!
No prior presidential administration, republican or democrat, comes close to the level of misinformation, disinformation, distortion, and propaganda as the Biden administration in terms of the “stats” gathered, calculated and published by the major federal agencies on economic- related data, with particular emphasis on the BLS. And they cannot claim systemic human error – because the error EVERY SINGLE TIME is always favorable to the Biden regime. And perhaps the biggest lie of all was by Janet Yellen. stating that the inflation experienced back in 2022 was “transitory” – anyone who took macroeconomics in high school could have told you it was not, and she knew it. She was straight-up gaslighting the country.