Lawmakers are launching an inquiry into the Department of Labor’s Bureau of Labor Statistics after it significantly overestimated the number of jobs created last year, creating a far rosier picture of the U.S. economy than was actually the case.
The federal government announced earlier this year that its previous jobs data had far overestimated how many jobs the U.S. economy created last year. In fact, the federal data was revised down by a third, or roughly 800,000 jobs, the largest revision since 2009.
Education and the Workforce Committee Chairwoman Virginia Foxx, R-N.C., and Health, Employment, Labor, and Pensions Subcommittee Chairman Bob Good, R-La., sent a letter to Acting Labor Secretary Julie Su demanding answers.
The jobs data is crucial for the economy, driving decision-making for the stock market and the U.S. Federal Reserve, who bases interest rate decisions of the data. […]
— Read More: justthenews.com
