(DailyEmailNews.com) – Raising questions about the real state of the U.S. economy, US Senator Roger Marshall (R-KS) said that the Bureau of Labor Statistics (BLS)’s inaccurate job reporting is “why Americans don’t trust government.”
With Election Day on the horizon, the BLS acknowledged the market failed to meet expectations in its job statistics.
The agency specified that the country added 818,000 fewer private sector jobs than last year, though government job numbers were reported correctly.
Senator Marshall criticized the BLS during his appearance on “Carl Higbie FRONTLINE” and said this “is yet another reason why Americans don’t trust government.”
“Like you said, there’s no way that this is just a mathematical error — a statistical improbability. You could see missing by 5%. But here we are, just what, 70-some days before the election and they’re off 30%,” Marshall told host Higbie.
“They dropped the numbers from 3 million to 2 million new jobs. Look, we have 1.6 million less full-time jobs today than a year ago. We need to be talking about full-time jobs,” he emphasized.
Marshall wondered about what the potential implications would have been if Federal Reserve Chair Jerome Powell had access to these revised numbers earlier.
The senator asked whether it might have influenced a quicker adjustment to the Fed interest rates.
Marshall noted that high Federal Reserve interest rates are deterring people from buying homes in his community.
“So this has a huge impact and certainly impacts everybody’s everyday lives. This economy is much softer than Joe Biden and Kamala Harris want to let on,” Marshall concluded.
The -0.5% error came to light in the preliminary annual revision of the BLS employment series, but the final adjusted figures will not be available to the public until February.
The biggest correction was in the professional and business services sector, which had 358,000 fewer jobs than initially reported.
Retail followed with a downward revision of 129,000 jobs and manufacturing adjusted by 115,000 fewer jobs.
Although the job market is not on the brink of collapse, unemployment remains at about 4.3%, a slight increase from early 2023, according to Powell.
Copyright 2024, DailyEmailNews.com
