(TheLastPatriotNews.com) – In what can be described as a typical case of the left lying to get ahead, the Bureau of Labor Statistics has disclosed that more than a third of the jobs that the Biden administration bragged of creating over the course of a year did not actually exist.
Approximately 36% of the 3.24 million jobs that the Biden administration reported were added to the U.S. economy between April 2023 and March 2024 were found to be nonexistent, as per the Bureau of Labor Statistics (BLS).
After incorporating monthly revisions, it was revealed that the administration had overstated employment figures by 1.18 million jobs for that year, according to analyses by The Daily Caller using BLS data.
This significant discrepancy, coupled with a July jobs report that fell short of expectations by 61,000 nonfarm payroll jobs, has escalated concerns regarding a potential recession.
The Committee to Unleash Prosperity, a conservative advocacy group, critically assessed the situation, stating, “One of the few areas that President Joe Biden and Vice President Kamala Harris have been able to crow about since they took office has been employment,” but noted, “But now we learn that much of this was a statistical illusion.”
In response to these revised job figures, Federal Reserve Chairman Jerome Powell addressed the economic outlook in a speech at the Jackson Hole Symposium.
He expressed the Federal Open Market Committee’s (FOMC) stance, emphasizing that it “does not seek or welcome further cooling in labor market conditions,” and remarked that “the upside risks to inflation have diminished, and the downside risks of employment have increased.”
In July, the unemployment rate increased slightly by 0.2% to 4.3%, while inflation rates saw a reduction to below 3% year-over-year for the first time since 2021.
Despite these figures, Chairman Powell maintained a cautiously optimistic view during his speech.
He articulated his belief in achieving an economic ‘soft landing,’ where the economy could avoid a recession while bringing inflation back to 2%.
“With an appropriate dialing back of policy restraint, there is good reason to think that the economy will get back to 2% inflation while maintaining a strong labor market,” he asserted.
Financial markets have reacted to these economic indicators with mixed predictions about the FOMC’s next steps.
As of the latest updates, about 65% of traders anticipate a decrease in the target federal funds rate by 0.25%, while around 35% foresee a 0.5% reduction.
Since August 2023, the federal funds rate has been maintained at a 23-year peak of between 5.25% and 5.50%, as reported by the Federal Reserve Bank of St. Louis.
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