Well, what do you know? The number magicians who control the government’s projections realized they missed the number of new jobs by well beyond half a million over a four-month period. To be exact, there were 626,000 new jobs according to the Bureau of Labor and Statistics (BLS). President Biden must be doing something very right in order to see numbers like this one.
We thought the economy had wound itself down due to the summer’s low numbers. And that was a depressing thought. After all, the economists estimated that our great nation had only added 235,000 jobs in four months.
Then, the number for September plummeted to a mere 194,000. Critical pundits were calling it a “colossal miss.” But instead of being discouraged, President Biden’s economists discovered that August’s job numbers estimate actually grew into a resounding 483,000. That was the largest positive redo in the past 40 years. And in September, the real number of added jobs was 312,000, according to The Washington Post.
It was apparent that Joe Biden’s presidency suffered with the bad job numbers estimate. How could people believe he knew what he was doing when the number of jobs was so weak? When polls conducted by Fox, NBC, Quinnipiac, and The Washington Post were averaged from April until June, the president’s approval rating was at 51 percent.
Then, the bad numbers hit, dropping him down to a tepid 39 percent approval rating with 57 percent disapproving. Of course, the economy was not the only issue people considered. There has also been inflation, the pandemic, and recently the ending war with Afghanistan
The BLS Section Chief responsible for the payroll numbers, Angie Clinton, said that the nation’s system for predicting job numbers and then revising them was working just fine:
‘We’re just improving the estimate using everything we know up through the month we’re releasing, really. I mean, it sounds counterintuitive to most people because revisions — they think, ‘Oh, they got it wrong the first time.’ But no, we got it right, based on what the sample told us. But going forward we receive more sample, some corrected records, and recalculate seasonal factors, which together may indicate a different story.’
Executive Director of the left-leaning Groundwork Collaborative, Lindsay Owens said “naysayers” “exploited” low numbers estimate:
‘Naysayers and detractors from Biden’s agenda are going to exploit any ‘bad’ economic indicator they can as evidence for why Biden has it wrong on the economy or why Biden’s Build Back Better proposal gets it wrong on the economy, and in that sense underestimates of the jobs numbers are not helpful.’
President of the nonprofit WorkingNation, which measure numbers Lindsay Owens and Labor Department official Jane Oates were involved during the time period of the Great Recession. Oates said:
‘Back in the Great Recession, there were many employers who were impacted but now every employer is impacted. Everybody is scrambling for talent. And I bet there’s just a higher percentage of them missing the deadline.’
Former BLS Commissioner from 2013 through 2017 and current Cornell University Economist Erica Groshen said the revision proved the revisions revealed its success:
‘Rather than showing that BLS has failed, the revisions are a tribute to the agency’s commitment to getting the numbers right.’
White House Press Secretary Jen Psaki was asked about the 4.4 million people who quit their jobs in just the month of September. She said:
‘They take their responsibilities very seriously. They’re very transparent about their methodology and they’re always trying to improve that.’
One reason for the apparent mixup might have been that employers could have been simply too busy to complete the survey.
Just a year ago, Reuters warned of a possible recession with “more than 10 million” people unemployed. With the new recalculated estimate, America could be entering the tightest job market since the 1950s, according to one estimate published in The Fortune Magazine.
Three White Lions podcast, Gloria Christie reads her week’s most important news/ commentary stories in the liberal online newspaper The Bipartisan Report. Gloria Christie Report her newsletter for people on the go. Written in her own unique style with a twist of humor in a briefer version of Bipartisan Report. Christie’s Mueller Report Adventures In Bite-Sizes a real-life compelling spy mystery (on hold). Find her here on Facebook.