Biden Administration Toys With Job Growth, Inflation Numbers

It is hardly a surprise when Washington crows about shaky numbers concerning inflation and job growth. After all, President Joe Biden boasted of the largest job creation in history in the aftermath of shutting down the U.S. economy during the pandemic.

But data produced by the Bureau of Labor Statistics (BLS) through its Quarterly Census of Employment and Wages (QCEW) every three months offers a clearer view of the nation’s job status.

And it revealed, according to the Federal Reserve Bank of Philadelphia, that the Biden administration greatly fluffed the employment growth numbers for 2023.

BLS numbers claimed that payrolls increased by 1.5% through last December. But statisticians with the Fed Bank in Philadelphia disagreed, setting the total growth at only 0.5%.

Simply put, the Democratic government cited figures showing December payrolls reaching 157.304 million U.S. jobs. However, QCEW studies set the mark at 156.504 million for a separation of roughly 800,000 positions.

This means the 230,000 average job growth the White House crowed over was instead a much more humble 130,000 average. As is virtually always the case, numbers were used by the administration to attempt to deceive the public on Biden’s true record.

There are also new indications that all is not well in the jobs market.

While the economy added 275,000 new jobs in February, Labor Department figures also revealed that unemployment also moved higher. The increase in positions surpassed the 200,000 expected by economists.

Many expect the Federal Reserve to lower interest rates in an election year move that would seemingly favor the incumbent. Three such dips are predicted, though the latest numbers may cast doubt on that projection.

The data included average hourly earnings surging 4.3% from the same time in 2023. Along with the new positions and uptick in unemployment, this may signal to the central bank that the time is not here to pull rates back down.

The Fed remarkably needs indications that the economy is sinking in order to justify lowering the benchmark rate.

This means that consumers may be subject to the inflationary Biden economy for even longer. Part of the spillover of the White House’s overspending is the dramatic current annual percentage rate for credit cards — 24.61%.