Government - US Admits 500,000 Jobs Don't Exist
The Trump administration has hammered on the strength of the US economy as a shield while it is being criticized over its human rights, environmental, international relations records. But now that has a glaring hole in it.
The United States Bureau of Labor Statistics (BLS) has admitted that the economy actually created about 501,000 fewer non-farm jobs over 2018 and early 2019 than what was initially claimed by the Trump administration. It's the biggest revision of US economic data in a decade.
This came about in part because the US Labor Department's monthly statistics are derived from surveys. The yearly revision is based on state unemployment insurance records that reflect actual payrolls.
The revisions were marked changes in sectors that could be harbingers of future economic slowing. Payrolls dropped 175,000 in leisure and hospitality, and 146,000 in retail - they depend heavily on consumer spending, which is the main engine of the US economy. If those areas slow down, it drags down the rest.