Just In Kamala Humiliated After New Report Destroys Her Campaigns Number One Talking Point

A central point in the discussion about Bidenomics has been the administration’s depiction of growth in the jobs market. However, a significant revision to the latest jobs report reveals a different narrative.

Data from the U.S. Labor Department on Wednesday revised the past year’s previous estimates downward by an astonishing 818,000 jobs, challenging any growth that Vice President Kamala Harris has cited while campaigning for another term in the White House. This change continues a trend of revisions that have become typical in the administration’s reporting: claiming a surge of new jobs to attract positive media coverage, only to quietly revise the numbers downward months later when attention has waned. Wednesday’s adjustment represents the largest downward revision in 15 years, since the aftermath of the Great Recession.

WATCH:

BREAKING: 818,000 jobs that the Biden-Harris administration claims to have created have just been removed from the records.

This is the largest downward revision in jobs in 15 years!

All job growth has gone to undocumented workers and immigrants. Trump was right once again.

— Charlie Kirk (@charliekirk11)

In May, Heritage Foundation economist E.J. Antoni noted that unemployment claims remained largely unchanged, a result that fails to reflect the purportedly increasing number of American workers moving in and out of the economy. Instead, the Labor Department now projects that the U.S. averaged only 178,000 jobs created per month compared to the original claim of 246,000 jobs per month, according to the Wall Street Journal. Investors had anticipated a downward revision, but not of this magnitude, and market reaction to the news was relatively muted. A full adjustment to the official numbers will not be made until February of next year, the outlet added.

Layoffs, layoffs, everywhere, but no claims to file?
At this point, there’s no good explanation left for what’s happening with unemployment claims, either initial or continuing; not only is there a disconnect, but the rock-solid steadiness of these levels makes even less sense:

— E.J. Antoni, Ph.D. (@RealEJAntoni)

On the campaign trail, Harris has compared the Biden-Harris administration’s record on job creation with the final year of the Trump presidency, a period when the global economy was battered by the pandemic while businesses and families relied on government subsidies to manage basic expenses. Approximately 12 million jobs were lost during that period, though at least half were recovered by the end of the year according to Statista. Throughout his tenure, the number of available jobs hit an all-time high of 27.9%, according to FactCheck.org along with a significant 67% increase in the S&P’s value.

Traders are waiting to see whether Federal Reserve Chairman Jerome Powell will lower rates next month, a potential move urgently requested by Democrats like Sen. Elizabeth Warren (D-MA), while former President Trump has claimed it would amount to a campaign contribution for Harris. The latest jobs figures are a stark reminder that market turbulence remains a significant factor in the Fed’s decision-making; the yield on the 10-year Treasury note was 3.820%, according to Tradeweb, up slightly from 3.818% on Tuesday.