Philadelphia Federal Reserve Bank says Biden wildly overestimated new job numbers

December 19, 2022

In another death knell for President Joe Biden's credibility, the Philadelphia Federal Reserve Bank has publicly contradicted his administration's estimate of new jobs.

According to The Washington Times, the Federal Reserve Bank of Philadelphia has reported that second quarter employment growth was "essentially flat" with only 10,500 jobs being created.

Administration's job estimate off by over 1 million

That figure is a far cry from the 1,047,000 new job estimate put forward by the Labor Department's Bureau of Labor Statistics (BLS).

The discrepancy led to outrage among Republicans, including Florida Sen. Rick Scott, who tweeted that BLS's figure was "outrageous."

Scott went on to accuse Biden of "lying to the American people about our economy to prop up his failed agenda," adding, "I won't stand for it."

Washington Post debunks previous job claim

This is far from being the first time the president has been widely inaccurate about job numbers, as evidenced by an article written this past summer by Washington Post fact checker Glenn Kessler about a claim Biden made in August after signing the Chips and Science Act.

"There’s an analysis that says investment in the Chips and Science Act will create 1 million — more than 1 million construction jobs alone over the next six years building semiconductor factories in America," a White House transcript quoted him as saying.

The author noted how "Biden mentioned an 'analysis' as the source for the claim that 1 million construction jobs would be created."

However, Kessler added that he and other fact checkers "were puzzled when we did not see the figure in the White House’s 'fact sheet' on the bill" before adding, "It turns out this number is wildly exaggerated."

"The first tip-off that the number is fishy is because the number is so big and round — 1 million," the author emphasized.

"Not accurate"

"Before the pandemic tanked jobs, the U.S. economy took four years to add 1 million construction jobs, according to Bureau of Labor Statistics data — from all industries, not just the semiconductor business," he explained.

While the Post was provided with  a 2021 report issued by the Semiconductor Industry Association, Kessler said that "we could not find any reference to 1 million construction jobs being created."

Sarah Ravi serves as a spokeswoman for the Semiconductor Industry Association, and she disavowed Biden's claim, telling Kessler, "The statement about 1 million construction jobs is not accurate."

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