BLS Overestimates Q3 Job Growth; Data Revisions Indicate Slowing Economy and Overly Optimistic Reports

Data shows far fewer jobs added in Q3 2023 than initially reported by the Bureau of Labor Statistics (BLS), indicating the economy is weaker than it appears.

Poor economic conditions make employment data difficult to track, leading to overestimations by the BLS that are consistently revised downwards.

Discrepancy between consumer sentiment about the economy and positive jobs data suggests the BLS methodology is flawed.

Increase in part-time positions and layoffs makes tracking employment growth complicated.

Federal Reserve interest rate hikes adding pressure on the economy despite high inflation remaining uncontrolled.