Slowly, the unprecedented payrolls fabrication of the Biden administration, which we spent much of the past 4 years exposing to our readers, is starting to unravel.
Earlier today, the BLS confirmed what we previewed last night (see “Tomorrow’s Jobs Report Will Finally Capture The Surge In Illegal Aliens, Lead To Another Big Negative Payrolls Revision“), and admitted what we had been saying for much of the past 3 years – that most of the job gains in the past few years, and especially 2024, were a mirage, and following the dramatic August 2024 preliminary data revision which vaporized 818K jobs (which had never existed in the first place)…
… today we finally saw the details behind this near-record revision.
As part of its annual revision to both the Establishment and Household survey, today the BLS said that the “seasonally adjusted total nonfarm employment level for March 2024 was revised downward by 589,000. On a not seasonally adjusted basis, the total nonfarm employment level for March 2024 was revised downward by 598,000, or -0.4 percent. Not seasonally adjusted, the absolute average benchmark revision over the past 10 years is 0.1 percent.” As a result, the over-the-year change in payrolls for March 2024 was revised from +2,900,000 to +2,346,000.
MORE: