“The economy is the top issue in this presidential race” – House Budget Committee Chairman Jody Arrington
The Bureau of Labor Statistics (BLS) has released its preliminary annual benchmark review of employment data for March 2024. According to that report, there were 818,000 fewer jobs than previously reported.
“Based on more comprehensive data released from state unemployment tax records, the Biden Bureau of Labor Statistics acknowledges they were way off on the number of new jobs created between March 2023 and March 2024 by almost 1 million or 30%, which is five times their average margin of error,” said House Budget Committee Chairman Jody Arrington. “The economy is the top issue in this presidential race and the recent downwardly revised job numbers taken together with persistently high prices and interest rates bellies a much weaker Biden-Harris economy than we were led to believe.”
Arrington says the Biden-Harris agenda has failed.
“The tax, spend and regulate economic agenda of Biden-Harris has failed and no one knows that better than working Americans, which is why for six straight months, according to the Consumer Confidence Index, more Americans believe we are headed for a recession,” said Arrington.
What today’s report showed:
- The BLS jobs revision showed that the economy had 818,000 fewer jobs (as of March 2024) than previously estimated – with all this net job loss coming from the private sector.
- The largest sectors with downward revisions were professional and business services (-358,000), leisure and hospitality (-150,000), retail trade (-129,000), and manufacturing (-115,000).
- Some sectors saw smaller upward revisions: private education and health services (87,000), transportation and warehousing (56,400), other services (21,000), utilities (1,700) and government (1,000).
- Notably, this revision lowered total employment down by 0.5 percent – 5 times the annual average revision of the past 10 years.
“Policies have consequences and the Biden-Harris Administration’s tax and spend agenda has resulted in stubborn inflation and a stagnant economy,” said Arrington following the poor July Jobs report (114,000 jobs added in July, down 65,000 from June). “With low consumer confidence, high inflation and interest rates and an underwhelming job market, Americans cannot afford four more years of failed economic policies.”
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