The panel of “The Big Money Show” discusses the massive decrease in data on American jobs.
On Tuesday, the Bureau of Labor Statistics (BLS) published a revision of its latest employment numbers, a report that shows how its global employment estimates came from reality.
The latest data simply confirm what many already suspected – that the situation is worse than we thought. There is something incredibly bad in BLS, and for the good of our economy, it is time to repair it.
From March 2024 to March 2025 – A period mainly covering the last year of the Biden – BLS administration overestimated the work numbers of 911,000. In other words, for this period, the nation added a 911,000 jobs less than what was initially reported, the largest error of this type ever recorded.
Let it sink.
Employment growth in the United States in March revised below by 911K
A “Kudlow” panel by Steve Moore and Art Laffer discuss concerns with the Bureau of Labor Statistics, the choice of President Donald Trump to sit on the Fed Board of Directors as well as his criticism from Paul Krugman.
But it’s much worse than that. Over the past three years, BLS has overloaded nearly 3 million jobs that did not exist.
These are not random errors when each revision is associated in the same direction.
Even more disturbing, the BLS issues published last week said in opposite directions. One survey showed 22,000 jobs created while the other suggested nearly 300,000. Which one is it?
By relying on defective data and asymmetrical relationship methods, BLS essentially invented millions of jobs that were not there. These erroneous data were then used by the Biden administration and the media inherited to promote a labor market which did not exist, instead of reporting the resumption of weak jobs.
The former BLS commissioner says that there are better ways to collect data for job reports
For an agency that describes itself as “the main agency for researching the facts for the federal government” in economics and statistics of work, it is a shocking and intolerable error.
The editor -in -chief of Forbes, Steve Forbes, weighs on the erroneous data of the Bureau of Labor Statistics, the impact of President Donald Trump on manufacturing and even more on “The Evening Edit”.
These types of errors have become the standard for an agency responsible for producing data which regularly directs public policy and animate oscillations of the private economic market.
BLS is not content to publish employment reports – it also follows critical questions such as inflation, managing the consumer price index which measures how far the American money goes.
It is not only an academic exercise. There are real political implications that result from defective numbers. Bad figures lead to bad policy.
Trump’s economic advisor returns to NBC Host about “ taking the messenger ” says on BLS layoffs
Government decision -makers are counting on BLS data to shape decisions on taxes, expenses and monetary policies. Americans across the country are counting on BLS data to judge how elected decisions affect their daily life and the problems that matter to them, which means that imperfect data could change the results of our elections.
Most of the period covered in this week’s report took place in the decreasing days of the mandate of President Joe Biden. For its last year in power, the BLS employment numbers have been reduced by more than 50%.
This overestimation occurred in a very controversial election largely focused on the economy and focused on issues such as jobs and inflation. Defective BLS data painted a much better image of Biden’s economy than reality – potentially pushing some voters to favor it (and later Harris) on Trump.
President Joe Biden speaks in the Rose Garden of the White House in Washington, DC on Tuesday, May 14, 2024. (/ Getty Images)
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President Trump ended up winning the elections despite everything – and he has now proven that his concerns about BLs are absolutely correct. President Trump believes that the figures were “fake” to make the economy better than it was. Maybe. Or maybe that was just a number of numbers that had incompetence.
Anyway, it cannot happen again.
Trump concluded the promise to restore the transparency, responsibility and efficiency of the federal government. It is a mission that he must bring to BLS to restore it as an Etalon-Or of jobs and work data. This means depoliticizing the agency, improving data collection and refining its communication with the American people.
There is something that is wrong with BLS. It can and must be fixed. The Americans should support the president’s efforts to do so, including their candidate.
Steve Moore is co-founder of Unleash Prosperity and former main economic advisor to Donald Trump. His latest book is “The Trump Economic Miracle”.
