Posted 1/8/2024, 7:20:00 PM
BLS Overestimates 2023 Job Growth by 3 Million, Nearly 25% of Added Jobs Didn't Exist
- Nearly one-fourth of the jobs reported as added in 2023 were later revised to not actually exist, equaling 749,000 jobs
- Downward revisions occurred in every month of 2023 except July
- There was an overestimation of 3.14 million jobs added in 2023, later revised down by 443,000
- Government employment hit an all-time high of 23 million in December
- The consistent downward revisions indicate an issue with the Bureau of Labor Statistics' number crunching in 2023