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Biden Admin Overcounted Job Growth Estimates by Nearly a Million


The federal government overestimated the number of jobs in the U.S. economy by 818,000

between April 2023 and March 2024, according to data from the Bureau of Labor Statistics, stoking fears of a slowdown in the U.S. economy. Economists at Goldman Sachs and Wells Fargo anticipated the government had overestimated job growth by at least 600,000 in that span, while economists at JPMorgan Chase had predicted a lesser decline of 360,000. The downward revision follows a trend of the BLS overestimating the number of nonfarm payroll jobs added.

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