> In a press conference, Powell said that staffers at the Fed think that the government could be overestimating the number of jobs created by 60,000 each month. With published figures stating that the U.S. has added an average of 40,000 jobs each month since April, the true numbers could be closer to a loss of 20,000 jobs a month.
Earlier this month ADP reported that private payrolls cut ~32k positions.
> With worries intensifying over the domestic jobs picture, ADP indicated the issues were worse than anticipated. The payrolls decline marked a sharp step down from October, which saw an upwardly revised gain of 47,000 positions, and was well below the Dow Jones consensus estimate from economists for an increase of 40,000.
Well yeah, he fired the head of the agency that produces the stats when he didn't like the numbers.
56J8XhH7voFRwPR•1mo ago
I’m no trump supporter but where were these articles and comments by Powell during the Biden presidency when the BLS was constantly revising job numbers downward after the fact? In 2024 they revised numbers over 800,000 jobs downward (coincidentally, also comes out to a bit over 60k jobs a month) The reason for that is that BLS issues “preliminary” job numbers that they then later updated as more information becomes available. Isn’t that possible, and some may argue likely, the same thing happening here?
deeg•1mo ago
There is no evidence that the Biden admin was purposefully changing the numbers. As you said they are constantly revised. Powell is (apparently) seeing evidence that the numbers are being changed by the current admin, not just revised
cmiles74•1mo ago
Earlier this month ADP reported that private payrolls cut ~32k positions.
> With worries intensifying over the domestic jobs picture, ADP indicated the issues were worse than anticipated. The payrolls decline marked a sharp step down from October, which saw an upwardly revised gain of 47,000 positions, and was well below the Dow Jones consensus estimate from economists for an increase of 40,000.
https://www.cnbc.com/2025/12/03/adp-jobs-report-november-202...