Initial US employment reports overstated by 439,000 jobs in 2023 – New York Post

The New York Post reported on Wednesday that the initial US employment reports for 2023 were overstated by 439,000 jobs, according to revised data from Bureau of Labor Statistics (BLS). This means that the US economy added fewer jobs than previously estimated, and that the unemployment rate was higher than reported.

The BLS routinely revises its monthly employment data based on more complete information from employers. However, magnitude of the revision for 2023 was unusually large, and it raised questions about the reliability of the initial estimates. The BLS said that the revision was mainly due to errors in the seasonal adjustment process, which is used to account for fluctuations in hiring and firing patterns throughout the year.

The revision also had implications for the assessment of the economic recovery from the COVID-19 pandemic, which caused a historic plunge in employment in 2020. The initial reports suggested that the US had regained about 80% of the jobs lost during the pandemic by the end of 2023, but the revised data showed that the recovery was slower, and that only about 75% of the jobs were recovered.

The New York Post criticized the BLS for its faulty methodology and lack of transparency, and called for an independent audit of its data. The newspaper also accused the Biden administration of using the inflated employment numbers to justify its spending and tax policies, and to claim credit for the economic recovery. The newspaper argued that the revised data revealed the true state of the economy, which was weaker than expected and still struggling to overcome the pandemic’s effects.