Smart Trade Insights
  • Business
  • Economy
  • Investing
  • Politics
Top Posts
CoTec Holdings Corp. Announces Second Closing of Life...
Hempalta Secures 90-Day FCC Forbearance Extension as Company...
BTV Highlights: North American Iron, West Red Lake...
Crypto Market Recap: Crypto Rallies As “Big, Beautiful...
Quimbaya Gold Closes $4 Million Financing and Expands...
Syntheia Signs Definitive Agreement for Call Center Acquisition
Lithium Universe LtdInterview with Executive Chairman
Stallion Uranium to Resume Trading on the TSX-V and...
Top 5 Canadian Mining Stocks This Week: Mkango...
Pinnacle Changes OTC Ticker Symbol to PSGCF
  • Business
  • Economy
  • Investing
  • Politics

Smart Trade Insights

Politics

Biden calls out Rubio for false claim that solid jobs report is ‘fake’

by admin October 5, 2024
October 5, 2024
Biden calls out Rubio for false claim that solid jobs report is ‘fake’

President Joe Biden on Friday rejected Republican Sen. Marco Rubio’s claim that the robust jobs report was “fake” as he heralded the latest positive economic news for his administration.

In a surprise appearance in the White House Briefing Room, Biden welcomed the jobs report and the deal to end the dockworkers strike before taking several questions from reporters. He was asked about Rubio’s comments.

“I’m going to be very careful here. If you notice, anything that MAGA Republicans don’t like, they call fake,” Biden said. “The jobs numbers are what the jobs numbers are. They’re real.”

Earlier Friday, Rubio (Fla.) suggested that the latest data was not to be trusted, writing on X, formerly known as Twitter, “Another fake jobs report out from Biden-Harris government today.”

Rubio said that “16 of the last 17 reports have been significantly revised downwards after media helps them with their fake headlines[.] But all the fake numbers in the world aren’t going to fool people dealing with the Biden-Harris economic disaster every day.”

The latest jobs report showed that U.S. employers added 254,000 jobs and the unemployment rate dropped to 4.1 percent in September — in an impressively strong snapshot of the economy that has quelled recent recession fears heading into the height of election season.

Republicans have continually railed against the Biden administration’s economic policies and suggested without evidence that economic data has been swayed by political influence as indicators show signs of strength.

Multiple economists discredited Rubio’s claims to The Washington Post. They challenged his assertion that the federal government had manufactured the data for political gain. And they also shot down his claim that 16 out of 17 recent jobs reports had been revised downwards after initial reports were false — although it remains unclear how Rubio arrived at his calculation because there are multiple ways to look at the data.

The agency has revised multiple recent reports upwards within the past 17 months, several economists pointed out.

“He is just wrong and mischaracterizing the current data,” said Julius Probst, a labor economist at AppCast, a recruitment marketing technology company, who is based in London.

Heidi Shierholz, president of the Economic Policy Institute, a left-leaning nonprofit, said it is a “baseless conspiracy theory that nonpartisan BLS employees are committing fraud.”

Rubio’s office did not immediately respond to a request for comment.

The Bureau of Labor Statistics, a nonpartisan agency of the Department of Labor, “collects, calculates, analyzes, and publishes data essential to the public, employers, researchers, and government organizations,” according to its website. The agency releases the latest jobs report on the first Friday of each month, and releases scheduled revisions to data multiple times to account for information not available in its release data.

Some economists speculate that recent large revisions could be related to a surge in undocumented migrants entering the workforce.

But because the data from recent months, including September, has yet to be revised a last time, some of the finalized jobs numbers that Rubio referenced will not be available until next year.

“At least a few of the seemingly-positive revisions are going to be negative relative to the original release,” said Guy Berger, director of economic research at the Burning Glass Institute. “But we won’t know that for sure until next year.”

Rubio seems to be criticizing news reporting on the release of initial jobs report data every month by the Bureau of Labor Statistics — data releases that have long been reported on by national news outlets.

In August, the BLS reported the biggest revision to federal jobs data in 15 years.

The revised data showed that job growth in the United States in the year ending in March was far less robust than previously reported by the federal government. However, other data showed that other labor market benchmarks for April 2023 through March 2024 looked strong. Specifically, the unemployment rate during this period was near historic lows. And weekly requests for unemployment benefits also remained near longtime lows.

Rubio’s criticism aligns with former president Donald Trump’s reaction to August’s revision.

“They defrauded the people of our country with the job numbers,” Trump asserted in an interview with “Fox & Friends.” “You saw that? 818,000 fake jobs they put in the rolls.”

The former president also accused the Federal Reserve of “playing politics” by cutting interest rates by half a point last month, marking the first rate cut since 2020.

Rubio’s claims are “deeply corrosive because of the trust put in [BLS] numbers,” said Shierholz, who is also a labor economist.

“They’re used to set policy, including the Federal Reserve’s incredibly impactful decisions about interest rate policy,” she said. “We need people to know they’re doing good work and that they should answer correctly to the surveys.”

Rachel Siegel contributed to this report.

This post appeared first on washingtonpost.com

previous post
Trillion Energy Initiates Velocity String Program
next post
Harris meets with Arab American and Muslim leaders in Michigan

You may also like

Harris and Cheney visit swing states to declare...

October 22, 2024

Growing number of New York Democrats call on...

September 27, 2024

Pheasant hunts, football games: Walz makes his appeal...

October 14, 2024

Georgia judge rules that counties must certify election...

October 16, 2024

Netanyahu dismisses Hezbollah cease-fire push, confounding White House

September 27, 2024

Control of House heads toward another cliffhanger election

September 15, 2024

Harris rallies crowds on abortion message, while Trump...

August 11, 2024

Elon Musk’s legally problematic $1 million voter giveaway

October 22, 2024

Fact-checking Kamala Harris at the Democratic convention on...

August 23, 2024

Trump suggests he’s open to revoking access to...

August 9, 2024

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • CoTec Holdings Corp. Announces Second Closing of Life Offering and Concurrent Private Placement

      July 5, 2025
    • Hempalta Secures 90-Day FCC Forbearance Extension as Company Completes Certification of 2024 Carbon Credits

      July 5, 2025
    • BTV Highlights: North American Iron, West Red Lake Gold Mines, Northisle Copper and Gold, Westport Fuels, US Gold, Orvana Minerals, Avino Silver & Gold, Pasofino Gold, & Mayfair Gold

      July 5, 2025
    • Crypto Market Recap: Crypto Rallies As “Big, Beautiful Bill” Passes Congress

      July 5, 2025
    • Quimbaya Gold Closes $4 Million Financing and Expands Executive Team

      July 5, 2025
    Promotion Image

    banner ads

    Categories

    • Business (756)
    • Economy (829)
    • Investing (2,347)
    • Politics (737)
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: smarttradeinsights.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 smarttradeinsights.com | All Rights Reserved