For the past few days, rumors and reports have indicated that the U.S. Bureau of Labor Statistics was going to downwardly revise their assessment of the number of jobs created from April 2023 to March 2024 “by up to 1 million. This means that all ‘beats’ recorded in the past year will have been misses and the US job market is in far worse shape than the admin[istration] would admit.”
The revision is out, and while it’s not quite a million, it’s still really darn high — 818,000 fewer jobs were created in that yearlong period than were initially reported.
In a normal presidential campaign, where the nominee and her running mate did interviews and press conferences, this would be a major headache. Luckily, Kamala Harris and her campaign have more or less unilaterally decided she doesn’t have to do them anymore, and figures like Michael Steele, Rick Wilson, and Leslie Gray Streeter have concurred that presidential candidates answering questions in interviews are an unneeded relic of a bygone era. The candidate will tell us all we need to know or deserve to know in her stump speech.
The president and his team want to communicate the story of successful economic management. The vice president running for her own term doesn’t have the luxury of insisting the economy is doing gangbusters and that inflation is defeated when so many Americans, looking at empty storefronts and office spaces, are concluding otherwise.
The result is reflected in Bernie Sanders’ remarks at the convention last night — Joe Biden and Kamala Harris have done so much, and more Americans are struggling than ever before, and “in the last three-and-a-half years, working together, we have accomplished more than any government since FDR.”
But large-scale revision to the nation’s jobs report also indicates that one of the dominant narratives in economic reporting for the past year — “the economy is doing gangbusters with robust job creation, so why are Americans so gloomy about the economy?” — was, at minimum, flawed.