In a shocking revelation, a preliminary revised estimate from the Bureau of Labor Statistics has revealed that the U.S. job market added a staggering 306,000 fewer jobs from March 2022 to March 2023 than was previously announced. The BLS’s estimate, which will be finalized in January, highlights a disturbing trend of dwindling job numbers. This revision indicates that the U.S. economy added 25,500 fewer nonfarm payroll jobs each month on average over the period than what was previously reported, with transportation and warehousing and professional and business services accounting for the largest amount of losses.
These counts are derived from state unemployment insurance tax records that nearly all employers are required to file, making the staggering shortfall even harder to stomach. The wholesale trade sector and government spending were revised up, but this was offset by the downward adjustments in nonfarm payroll jobs, which fell across all industries, leaving the total number of private jobs for the period a mere 358,000, far below what was previously announced.
Over 25% of the jobs we initially thought we gained this year weren't actually there: pic.twitter.com/otu58N8GZD
— EJ Antoni (@RealEJAntoni) August 23, 2023
To make matters worse, the U.S. added a paltry 187,000 jobs in July, which was less than the expected 200,000 by economists. Even more concerning is the fact that the June and May job numbers were revised downward by a cumulative 49,000, indicating that the decline in job growth is not an isolated event. This revision coincides with trends seen during the period of higher layoff announcements and jobless claims, indicating that the situation is only getting worse.
While the U.S. economy did have better than expected growth in the second quarter of 2023, increasing by 2.4% year-over-year, this is not enough to offset the loss of jobs. Moreover, the previous growth from the first quarter of 2023 was revised up from 1.1% to 2.0%, indicating that the administration’s policies are not doing enough to create jobs or stimulate economic growth.
It’s time for the Biden administration to wake up and realize that their policies aren’t working. The American people deserve better than this endless cycle of broken promises and ineffectual leadership. It’s time for leaders to put aside their political differences and come together to create real solutions that will put Americans back to work.
