The Biden administration has revised down previously reported jobs data for nearly every month this year, resulting in a huge disparity from the originally advertised numbers, according to the Bureau of Labor Statistics (BLS).
The number of jobs added in August was revised down from 227,000 to 165,000, and September was revised down from 336,000 to 297,000, resulting in 101,000 fewer jobs than were previously reported, according to the BLS. The U.S. economy added 150,000 jobs in October, subject to revisions in future reports, lower than the 170,000 jobs that economists expected.
Inflation has remained elevated, above the Federal Reserve’s 2% target, at 3.7% for both September and August, after decelerating from a peak of 9.1% in June 2022. The Fed chose to keep its federal funds rate steady in a range of 5.25% and 5.50% at its most recent Federal Open Market Committee meeting, leaving it at a 22-year high in an effort to bring down inflation.