President Joe Biden’s administration touted, in what appears to have been an attempt to make the economy look far better than it actually is, wildly exaggerated jobs added numbers for the 2nd Quarter of 2022. Information on that wild inflation of the jobs data comes from the Federal Reserve Bank of Philadelphia, which reported on the matter after reviewing state employment data.
Specifically, the Philadelphia Fed just released the newest Early Benchmark Revisions of State Payroll Employment, which is a quarterly report that it releases. According to the report, there were, in actuality, only about 10,500 jobs added from March-June. That stands in stark contrast to the more than one million jobs that President Joe Biden claimed were created during that period and bragged about creating. In the words of that report:
Estimates by the Federal Reserve Bank of Philadelphia indicate that the employment changes from March through June 2022 were significantly different in 33 states and the District of Columbia compared with current state estimates from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES). Early benchmark estimates indicated higher changes in four states, lower changes in 29 states and the District of Columbia, and lesser changes in the remaining 17 states.
[…]In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 jobs estimated by the sum of the states; the U.S. CES estimated net growth of 1,047,000 jobs for the period.
Wall Street Silver, commenting on the matter in a tweet, suggested that the grossly inflated numbers had been made up to boost Biden politically and were being corrected now that midterms are over and it doesn’t matter, saying:
Federal Reserve Bank of Philadelphia estimates that the employment data was vastly overstated in 2022.
10k jobs added instead of 1.1 million reported from March to June of 2022.👀🚨
The elections are over, so this can now be corrected.
Some critiqued the way that Wall Street Siler and others of a similar point of view were characterizing the revision of the data, however. One commenter, for example, said “This is not what you’re trying to sell it as. It is the Philly Fed’s early projection of an upcoming correction by a different agency that occurs regularly due to lagging data. It has zero to do with the administration or the election.”
Another, making much the same point, said “Hi. Professional economist here. Hardly EVER Tweet, too much crap. Not an error or conspiracy. HORRIBLE data is monthly CES, SAMPLE then modeled. Good is QCEW: nearly all biz FORCED to report employment quarterly. QCEW has 6 month delay. Happy to answer non crappy questions“.
Many, however, weren’t convinced. Turning Point USA founder Charlie Kirk, for example, said “The Federal Reserve Bank of Philadelphia has notified the public that instead of the previously reported 1.1 million jobs added between March and June 2022, the real figure is closer to…10K!! So, should we just assume everything they tell us before an election is a lie?”
The Philadelphia Fed report also noted that there was almost no growth in jobs in that period of 2022 and that the real rate was below what had been estimated, saying:
Payroll jobs in the nation remained essentially flat from March through June 2022 after adjusting for QCEW data:
- Less than the 3.0 percent growth
indicated by the sum of the states
- Less than the 2.8 percent growth
indicated by the U.S. CES estimates
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