U.S. employers add 206,000 jobs in June, sign of economic stability despite interest rates
PBS NewsHourJUN 20 2024
According to a new Bureau of Labor Statistics (BLS) report, the US economy produced 818K fewer non-farm jobs from March 2023 to March 2024 than previously reported by the Labor Department. The BLS said this -0.5% year-over-year growth rate revision is more than the typical -0.1%.
The revision, which is the largest since 2009, shows an increase of 2.1M jobs over that period, down from 2.9M previously reported. This brings the average monthly job growth down from over 240K to somewhere between 170K and 180K over that time span.
The economic sectors with the largest downward revisions were professional and business services at -358K, leisure and hospitality with -150K, manufacturing at -115K, and transportation and utilities at -104K.
This proves that Biden and the Democrats have been gaslighting the country for a year. As regular Americans felt the pain of declining wages and increased inflation, Biden unabashedly argued that at least job growth was positive. This also shows that while American citizens were forced into unemployment and excluded from pay raises, illegal immigrants were finding jobs in droves, thus pushing wages down even further.
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