Jobs Report

The jobs that weren't The Biden administration reported a 1.8% national increase in employment, while the national survey showed a 1.1% increase, both of which the Federal Reserve Bank of Philadelphia believes are wrong. The Reserve Bank believes that the figures were off by 1.2 to 1.9 percentage points, overestimating the number of jobs by over 3 million across all 50 states. In Contrast, the Federal Reserve Bank of Philadelphia’s data for the second quarter of 2023 differed from the national statistics by just 0.1%, demonstrating the Philly Feds’ high accuracy in estimating employment statistics. Additionally, employment statistics did not significantly deviate in all quarters of 2023 and 2024. The only other time the Biden administration’s employment statistics deviated so significantly was during the midterm elections in 2022.Funny how that works out...