U.S. created 501,000 fewer jobs since 2018 than previously reported, new figures show
The economy had about 501,000 fewer jobs as of March 2019 than the Bureau of Labor Statistics initially calculated in its survey of business establishments. That’s the largest revision since the waning stages of the Great Recession in 2009.
The newly revised figures indicate the economy didn’t get a huge boost last year from President Trump’s tax cuts and higher federal spending. They also signal the economy is a bit weaker than previously believed and could give the Federal Reserve even greater reason to cut interest rates in September.
The government’s employment report each month is compiled from a survey of almost 700,000 work sites, but the BLS updates its numbers every year after rechecking its results against company tax records filed in the states. These records are not immediately available.
So the surveys results, which usually only need to be adjusted +/- 50,000 or so, were off by TEN TIMES that amount!
So yet another survey (the basis for the monthly job numbers) was way off.
More importantly, this is just one more example of how the Trump/Republican tax cut DID NOT deliver as promised. It was a lie. It was a scam to fool middle class Americans while the rich GOP mega donors laughed all the way to the bank.
#TrumpandRepublicansFailedUs