For nearly two years, the job market Americans were told about has been significantly stronger than the one that actually existed, and the Federal Reserve made a major policy decision based on numbers that have since been quietly rewritten.
The numbers have been inaccurate for years across every administration. The annual job numbers always have a revision in October. Some years those revisions are so bad that it means everyone was operating on wildly inaccurate data for an entire year. And it’s worse during economic downturns. Revisions like this happened under Biden, in fact the 2024 revision was about equal with a revision down of about 815k jobs.
The numbers have been inaccurate for years across every administration. The annual job numbers always have a revision in October. Some years those revisions are so bad that it means everyone was operating on wildly inaccurate data for an entire year. And it’s worse during economic downturns. Revisions like this happened under Biden, in fact the 2024 revision was about equal with a revision down of about 815k jobs.
I didn’t know that, thanks for telling me.