JUST IN: Kamala Humiliated After New Report DESTROYS Her Campaign’s #1 Talking Point

A central talking point of Bidenomics has been the administration’s ability to keep up a facade of growth in the jobs market. But a massive revision to the latest jobs report is telling a different story.

Figures from the U.S. Labor Department on Wednesday revised the past 12 months’ previous estimates downward by an astounding 818,000 jobs, negating any growth that Vice President Kamala Harris has cited while stumping for another four years in the White House. The change continues a pattern of revisions that have become a hallmark of the administration’s reporting processes: making claims about a glut of new jobs hitting the market to gain favorable media coverage, only to revise those numbers much lower several months later after attention has subsided. Wednesday’s change represents the largest downward adjustment in 15 years, since the aftermath of the Great Recession.

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WATCH:

BREAKING: 818,000 jobs that the Biden-Harris admin claims to have created have just been wiped off the books.

This is the largest downward revision in jobs in 15 years!!

All job growth has gone to illegals and immigrants. Trump was right once again. pic.twitter.com/flEZxHNqgb

— Charlie Kirk (@charliekirk11) August 21, 2024

In May, Heritage Foundation economist E.J. Antoni noted that unemployment claims remained largely unchanged, a result that fails to mirror the alleged increasing number of American workers moving in and out of the economy. Instead, the Labor Department now projects that the U.S. averaged just 178,000 jobs created per month compared to the original claim of 246,000 jobs per month, according to the Wall Street Journal. Investors had expected a downward revision, though not of this scale, but market reaction to the news was relatively muted. A full adjustment to the official numbers will not be made until February of next year, the outlet added.

Layoffs, layoffs, everywhere, but not a claim to file?
At this point, there's no good explanation left for what's going on w/ UI claims, either initial or continuing; not only is nothing matching up anymore, but the rock-solid steadiness of these levels makes even less sense: pic.twitter.com/6OVVVPskSs

— E.J. Antoni, Ph.D. (@RealEJAntoni) May 2, 2024

On the campaign trail, Harris has compared the Biden-Harris record on job creation with the final year of the Trump presidency, a time when the global economy was wracked by the pandemic while businesses and families relied on trillions of dollars in government subsidies to stay afloat with affording basic expenses. Approximately 12 million jobs were lost during that period, though at least half were recovered by the end of the year according to Statista. Throughout his time in office, the number of available jobs hit an all-time high of 27.9%, according to FactCheck.org along with a startling 67% increase in the S&P’s value.

Traders are waiting to see whether Federal Reserve Chairman Jerome Powell will lower rates next month, a potential move that Democrats like Sen. Elizabeth Warren (D-MA) have called urgent while President Trump has claimed would amount to a campaign contribution for Harris. The latest jobs figures are a fresh reminder that turbulence in the market remains very much a contributing factor in the Fed’s decision-making; the yield on the 10-year Treasury note was 3.820%, according to Tradeweb, up from 3.818% Tuesday.

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