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The Biden administration touted vastly exaggerated numbers on how many jobs were added in Quarter 2 of this year, the Federal Reserve Bank of Philadelphia reported after their review of state employment data.
According to the newest Early Benchmark Revisions of State Payroll Employment, a quarterly report by the Pennsylvania branch of the central banking system, there were only about 10,500 jobs added from March-June, as opposed to the more than one million jobs that President Joe Biden bragged about creating during that period.
Charlie Kirk tweeted, "The Federal Reserve Bank of Philadelphia has notified the public that instead of the previously reported 1.1 million jobs added between March and June 2022, the real figure is closer to…10K!! So, should we just assume everything they tell us before an election is a lie?"
"In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 jobs estimated by the sum of the states; the U.S. CES [Bureau of Labor Statistics' Current Employment Statistics] estimated net growth of 1,047,000 jobs for the period," the Federal Reserve's report reads.
"Payroll jobs in the nation remained essentially flat from March through June 2022 after adjusting for QCEW data," they continued, referring to data released by the Bureau of Labor Statistics' as part of its Quarterly Census of Employment and Wages program.
In a statement by President Biden on the second quarter gross domestic product (GDP) report, he touted the highly overstated job growth figure.
"Our job market remains historically strong, with unemployment at 3.6 percent and more than 1 million jobs created in the second quarter alone," he said in July.
Biden is still claiming the inflated numbers, boasting about "10.5 million" jobs created on Sunday.
One Twitter user wrote, "I'm sorry, did you say 10,000 vs 1.1 million?"
Other users commented and said "That's only a 11,000% increase" and "It’s a rounding error, really…"
In July, ZeroHedge reported that there was an inflation of the job creation numbers being reported out of the White House and that the figures were increased by a margin as high as 1 million.
According to the newest Early Benchmark Revisions of State Payroll Employment, a quarterly report by the Pennsylvania branch of the central banking system, there were only about 10,500 jobs added from March-June, as opposed to the more than one million jobs that President Joe Biden bragged about creating during that period.
Charlie Kirk tweeted, "The Federal Reserve Bank of Philadelphia has notified the public that instead of the previously reported 1.1 million jobs added between March and June 2022, the real figure is closer to…10K!! So, should we just assume everything they tell us before an election is a lie?"
"In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 jobs estimated by the sum of the states; the U.S. CES [Bureau of Labor Statistics' Current Employment Statistics] estimated net growth of 1,047,000 jobs for the period," the Federal Reserve's report reads.
"Payroll jobs in the nation remained essentially flat from March through June 2022 after adjusting for QCEW data," they continued, referring to data released by the Bureau of Labor Statistics' as part of its Quarterly Census of Employment and Wages program.
In a statement by President Biden on the second quarter gross domestic product (GDP) report, he touted the highly overstated job growth figure.
"Our job market remains historically strong, with unemployment at 3.6 percent and more than 1 million jobs created in the second quarter alone," he said in July.
Biden is still claiming the inflated numbers, boasting about "10.5 million" jobs created on Sunday.
One Twitter user wrote, "I'm sorry, did you say 10,000 vs 1.1 million?"
Other users commented and said "That's only a 11,000% increase" and "It’s a rounding error, really…"
In July, ZeroHedge reported that there was an inflation of the job creation numbers being reported out of the White House and that the figures were increased by a margin as high as 1 million.
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