Former President Trump quickly jumped on a massive downward revision by the Labor Department on new job growth, charging in a social media post that the Biden-Harris administration “PADDED THE NUMBERS.”
The Labor Department on Wednesday announced that the nation’s economy added far fewer jobs last year and earlier this year than previously reported.
According to the Labor Department, monthly payroll statistics overstated new jobs by roughly 818,000 during the 12-month period that ended in March of this year. That’s a downward revision of nearly 30%.
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Economists see the updated figures as further signs of a weakening labor market, which had remained strong the past couple of years as the nation’s economy soared following a massive recession during the coronavirus pandemic. The jobs surge had continued despite high interest rates and increased concerns of a pending recession.