US Fed Reserve: Q2 Job Growth Overestimated by a Million, Is ‘Essentially Flat’
The employment column.
Evgeny MikhaylovThe White House announced “blockbuster” jobs growth in the second quarter earlier this year, allegedly reaching the highest levels in the last 40 years with the US economy adding 390,000 jobs in May alone. However, new data suggests that the figures were a spoof as the job market really stagnated.The “record-high” Q2 employment surge reported by the Biden admin was overestimated by a million, according to the Philadelphia Federal Reserve Bank. This means that the actual job growth was “essentially flat”, reaching an astonishingly modest 10,500.The research indicated that employment changes from March through June 2022 were “significantly different” in 33 states and DC compared with Current Employment Statistics (CES) estimates by the Bureau of Labor Statistics (BLS).
"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 US CES estimated net growth of 1,047,000 jobs for the period," the Fed said.
Among other problems, the release noted actual payroll jobs decline in Delaware and New Jersey, while earlier CES estimates suggested there was a firm upward trend. According to the new data, Delaware lost 4.1% of jobs in Q2 despite a previously reported 4.5% growth, while jobs in NJ fell 1.2% and not the allegedly 3.4% growth.© AP Photo / Damian DovarganesIn this May 7, 2020 photo, a person looks inside the closed doors of the Pasadena Community Job Center during the coronavirus outbreak in Pasadena, Calif.
In this May 7, 2020 photo, a person looks inside the closed doors of the Pasadena Community Job Center during the coronavirus outbreak in Pasadena, Calif.In the meantime, jobs in the Keystone state ran a flat line – new data on Pennsylvania shows zero growth (while CES previously reported a 2.9% boost).The report has already prompted reactions of outrage: Florida Senator Rick Scott accused the Biden administration of lying and requested an immediate meeting with the Bureau of Labor Statistics chief to get to the truth.
