The Biden administration overstated the number of jobs created in the US during the second quarter by more than 1 million, according to a report issued by the Philadelphia Fed.
The Philadelphia Fed report found that just 10,500 net new jobs were created between March and June.
That finding is in stark contrast to numbers released by the Bureau of Labor Statistics, which estimated that there were 1.12 million new jobs added between March and June of 2022.
Economists at the regional central bank in Philadelphia published their own report last week that gleans data from unemployment insurance payments.
The Philadelphia Fed said that its estimates “incorporate more comprehensive, accurate job estimates released by the BLS as part of its Quarterly Census of Employment and Wages (QCEW) program to augment the sample data from the BLS’s” reports that are “issued monthly on a timely basis.”
The number of jobs created in the second quarter of 2022 may have been overstated by the Biden administration, according to the Philadelphia Fed.Getty Images
The regional central bank said that its “revised estimates” are issued “five months later with a more complete picture” than that offered up by the BLS’s “current employment survey” (CES).
The Bureau of Labor Statistics said that more than 1 million jobs were created during the second quarter of this year, but the Philadelphia Fed said the number is actually 10,500.Getty Images
One expert told The Post that the stark contrast in numbers could be explained by “the use of different methods for collecting and analyzing the data.”
“The Bureau of Labor Statistics gathers its data through surveys of employers and households, while the Philadelphia Fed relies on data from unemployment insurance payments,” Mina Tadrus, the CEO of Tadrus Capital, told The Post.
“It is also possible that there are variations in the definitions and categories used by the two organizations when determining what counts as a new job.”
Tadrus told The Post that “the significant difference in their findings highlights the need for caution when interpreting and using economic data to inform decision-making.”
Economists have said that the Federal Reserve’s string of sharp hikes in interest rates was based primarily on the BLS’s job growth numbers, which have complicated the central bank’s efforts to get red-hot inflation under control.
Sen. Rick Scott (R-Fla.) said the Biden administration has been “lying to the American people about our economy to prop up his failed agenda.”
“Wrong by a million jobs,” Scott tweeted last Friday.
The senator is demanding to meet with the head of the BLS.
The Philadelphia Fed said it gleaned data from unemployment insurance payment statistics.AP
The CES surveys some 131,000 businesses and government agencies representing approximately 670,000 worksites throughout the United States, according to the BLS website.
But the QCEW is considered “more comprehensive” since it bases its findings on surveys of “more than 95% of all employers” that are conducted five months after the relevant quarter, according to the Philadelphia Fed.
“Our early benchmark process does not attempt to be as comprehensive as the BLS process as we do not have access to all the data that the BLS uses,” the Philadelphia Fed said when describing its methodology.
“Therefore, we accept the BLS’s benchmarked CES estimates as the base employment level for each state.”
“Once QCEW data are released for periods beyond the latest benchmarked CES estimates, we produce our early benchmark estimates,” the Philadelphia Fed added.
NEW YORK (WABC) — The U.S. is lifting restrictions on foreign travelers who are fully vaccinated against COVID, starting Monday.
The Biden administration is expecting long lines and delays at airports with travelers possibly pouring into the states.
When the announcement was made, online searches for international flights jumped 338%.
Delta Airlines saw bookings shoot up by 450%, and United Airlines says it will be bringing 30,000 travelers into the U.S. on Monday alone.
Here are more of today’s COVID-19 headlines:
Novavax says its vaccine could win over skeptics
The biotechnology company Novavax plans to submit complete data to the US Food and Drug Administration soon for possible emergency use authorization of its coronavirus vaccine, CEO Stanley Erck told CNN in a phone interview Friday. Novavax’s vaccine, called NVX-CoV2373, is made using somewhat more conventional methods than the vaccines already authorized for use in the US.
US cancels vaccine maker’s multimillion dollar deal The federal government has canceled a multimillion dollar deal with Emergent BioSolutions, a Maryland-based vaccine manufacturer with facilities in Baltimore that were found to have produced millions of contaminated Johnson & Johnson vaccine doses this spring, the Washington Post reported. Emergent disclosed the development Thursday in a conference call discussing its latest financial results, the Post reported. Emergent said it will forgo about $180 million due to the contract’s termination, according to the Post. Emergent BioSolutions played a role in the Trump administration’s effort to speed up vaccine development and distribution. But after winning a contract from the previous administration, Emergent quickly ran into production problems. In March, ingredients intended for use in producing the Oxford-AstraZeneca vaccine shots contaminated 15 million doses of the Johnson & Johnson vaccine. The problems with the vaccines caused a monthslong delay in production. After that, the Biden administration put Johnson & Johnson in direct control of vaccine production there.
15 unions reach COVID vaccine mandate deal with NYC, talks continue with outliers New York City employees who don’t want to get vaccinated have until Friday to file for a religious or medical exemption if they have any hope of staying on the payroll, this as the city announces more deals with unions representing municipal workers. Mayor Bill de Blasio said Friday that 15 unions, including city’s largest, DC 37, have signed onto the deal. The unions represent more than 100,000 city workers covered by this most recent mandate that took effect last week, but the police and fire unions are not included and are still trying to hash out their own deals. Around 92% of city workers under the mandate are vaccinated, including 90% of EMS, 79% of firefighters, 85% of sanitation workers, and 85% of NYPD employees.
COVID vaccine refusal 10th highest reason for job cuts in 2021, report says While experts say we’re still in the so-called “Great Resignation,” a recent Jobs Cut Report uncovered vaccine refusal as the 10th highest reason for job cuts this year. Numbers released by Chicago-based outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc. came on on the same day President Biden announced new federal guidance and deadline for tens of millions of workers to get vaccinated. “Roughly 5,000 people that lost their jobs in the last month due to COVID vaccine refusal made up actually 22% of the total number of people that we tracked being let go across the country,” the firm’s Senior VP Andy Challenger told our sister station KGO-TV.
Pfizer’s COVID-19 pill reduces risk of being hospitalized or dying by 89%, company says
A course of pills developed by Pfizer can slash the risk of being hospitalized or dying from COVID-19 by 89% if taken within three days of developing symptoms, according to results released Friday by the pharmaceutical company. In a study of more than 1,200 COVID-19 patients with a higher risk of developing serious illness, people who took Pfizer’s pills were far less likely to end up in the hospital compared to people who got placebo pills. None of the people who got the real pills died, but 10 people who got placebo pills died, according to results summarized in a Pfizer press release. SantaCon returns After taking a year off due to the pandemic, SantaCon is returning to New York City. The event requires a $13 donation for all-inclusive Santa Badge access to the official SantaCon venues. The location of a Yuletide kickoff party won’t be disclosed until closer to the December 11 SantaCon date.
Turkey Day troubles? Smaller birds, popular Thanksgiving sides could be harder to find in 2021 Consumers may have to trim their list of trimmings for their highly anticipated Thanksgiving meal this year. Top turkey seller Butterball said it doesn’t expect an overall gobbler shortage, but that those in search of a smaller size bird could have a hard time. “Typically a 10- to 12-pound (turkey) up to 14 pounds is going to be more difficult,” Butterball CEO Jay Jandrain told “Good Morning America” on Friday. “Anything over 16 pounds, they’ll certainly be more readily available.”
Q&A: What to know about COVID-19 vaccines for kids aged 5-11 Vaccinations finally are available to U.S. children as young as 5, to the relief of some parents even as others have questions or fears. Late Tuesday, the Centers for Disease Control and Prevention gave the final OK for youngsters age 5 to 11 to get kid-size doses of the vaccine made by Pfizer and its partner BioNTech. Pediatricians and other doctors’ groups praised the move and are gearing up to help families decide whether to vaccinate their children. The shots could be available as soon as Wednesday and will be offered at pediatricians offices, clinics and pharmacies. Like COVID-19 vaccines for adults, they are free. Here’s everything you need to know.
Will the supply chain issues impact holiday shopping? Here’s what the experts say
With the holiday shopping suddenly upon us, it appears that getting that perfect gift or preparing that perfect meal will be far more challenging than in years past due to supply chain issues. Shoppers are noticing that it’s difficult to find a variety of items, and virtually everything from food to Christmas trees are more expensive. The price increase is being caused by gridlock at major seaports and a truck driver shortage across the country. Analysts say the forecast for the holiday season is not looking better.
MORE CORONAVIRUS COVID-19 COVERAGE
New York City COVID-19 Vaccine Tracker New Jersey COVID-19 Vaccine Tracker Centers for Disease Control and Prevention on coronavirus
Senate Republicans are getting what’s expected to be a short-lived win in a fight over unemployment benefits in Democrats’ nearly $1.9 trillion coronavirus bill.
Sen. Joe ManchinJoseph (Joe) ManchinOvernight Defense: Capitol Police may ask National Guard to stay | Biden’s Pentagon policy nominee faces criticism | Naval Academy midshipmen moved to hotels Progressives won’t oppose bill over limits on stimulus checks Senate votes to take up COVID-19 relief bill MORE (D-W.Va.) voted with all 49 Republican senators — Sen. Dan SullivanDaniel Scott SullivanThe Hill’s Morning Report – Presented by The AIDS Institute – Finger-pointing on Capitol riot; GOP balks at Biden relief plan Sanders votes against Biden USDA nominee Vilsack Senate confirms Vilsack as Agriculture secretary MORE (Alaska) is absent due to a family emergency — in support of a proposal from Sen. Rob PortmanRobert (Rob) Jones PortmanMandel gets Club for Growth nod in Ohio Senate primary Rick Scott caught in middle of opposing GOP factions Five takeaways from dramatic Capitol security hearing MORE (R-Ohio) to provide a $300 per week unemployment payment through mid-July.
But Democrats are expected to strip out Portman’s amendment and replace it with a deal they announced on Friday night, after a nearly 12-hour delay, before they pass the coronavirus deal likely on Saturday.
Democrats are still waiting for a Joint Committee on Taxation score about the cost of the Democratic proposal, which would provide a $300 per week payment through Sept. 6.
“We expect Senator Portman to offer his UI amendment and for it to pass. However, it will be superseded by Senate Democrats’ new UI agreement, which will be offered and passed as an amendment tonight,” a Democratic aide said about the path forward.
Though Manchin supported Portman’s amendment, he’s also expected to support the Democratic deal. In addition to the weekly payment, the Democratic amendment will let the first $10,200 in unemployment benefits be tax free for households with incomes of up to $150,000.
“We have reached a compromise that enables the economy to rebound quickly while also protecting those receiving unemployment benefits from being hit with [an] unexpected tax bill next year,” Manchin said in a statement endorsing the Democratic deal.
Democrats effectively put the debate on the coronavirus bill on hold for nearly 12 hours Friday as they tried to craft an agreement on the unemployment payments that could win over the entire caucus.
Democrats had initially said on Friday morning that they had a deal to provide a $300 per week payment until early October.
But as they day dragged on it became clear that they were still trying to wrangle together the caucus.
Majority Leader Charles SchumerChuck SchumerRon Johnson forces reading of 628-page Senate coronavirus relief bill on floor Senate panel splits along party lines on Becerra House Democrats’ ambitious agenda set to run into Senate blockade MORE (D-N.Y.) argued once the Senate moved forward just before 11 p.m. that Democrats were united.
“The agreement that’s been reached will allow us to move forward with the American Rescue Plan,” he said. “Senate Democrats are completely united in our belief about how important this entire bill is for our fellow Americans.”
