Biden Administration Overstated 2023 Job Growth by Nearly Half a Million

Downward revisions of employment data for 10 of the past 12 months show that the Biden administration initially overstated job growth in 2023 by nearly half a million positions. Touting job growth is a standard talking point for political leaders, with the Bureau of Labor Statistics’ (BLS) monthly data releases—so-called nonfarm payrolls—providing an opportunity for presidents to take credit for a strong-performing economy. December’s nonfarm payrolls report showed that the economy added 216,000 new positions. President Joe Biden called 2023 a “great year for American workers” and bragged that “the economy created 2.7 million new jobs in 2023—a year when the unemployment rate was consistently below 4 percent.”...