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The Labor Department this week is expected to revise downward overall job creation during the Biden-Harris administration by nearly 900,000, indicating that the jobs market in the country was far less robust than was being reported.

According to the Labor Department, employers may have added 818,000 fewer jobs in the 12 months leading up to March than the official figures suggest. The adjustment means the economy could have added approximately 178,000 jobs per month during that period, rather than the previously estimated 246,000 jobs per month — a blow to outgoing President Joe Biden and his designated successor, Vice President Kamala Harris.

“Wednesday’s report marked the first step of an annual process by which the Labor Department updates older payroll figures using data from state unemployment-tax records that is more comprehensive, but less timely, than its monthly employer survey,” The Wall Street Journal reported. “It is only a preliminary estimate of a revision that will be made to the official numbers in February.”

Investors had already expected a downward adjustment for the period in question. More generally, many have been skeptical of the labor market’s strength, as other indicators, like the rising unemployment rate, have painted a less optimistic picture compared to the payroll figures, the outlet added.

A larger-than-expected rise in the unemployment rate last month has fueled speculation that the Federal Reserve might implement a more substantial rate cut of half a percentage point at its next meeting on Sept. 17-18. However, more reassuring data have moderated these expectations. This week, central bank officials from around the world will gather in Wyoming, and Fed Chair Jerome Powell might offer clues about the Fed’s plans in his Friday speech.

Wednesday’s report doesn’t guarantee that job gains for the months following March will be revised downward. The preliminary estimate’s payroll growth might also be adjusted upward when the final revision is made in February. According to a recent report by Goldman Sachs analysts, this has occurred in each of the past four years. Barclays analysts, on the other hand, anticipate that the eventual revision will be about half the size of the initial estimate, the WSJ reported.

Still, the economy is the number one issue for voters this election cycle. During the Biden-Harris administration, inflation reached the highest it has been in decades, and prices for everyday items, goods, and services remain elevated and show no signs of falling significantly ahead of the November elections.

Last week, Sen. J.D. Vance torched a New York Times reporter during a rally in Michigan on Wednesday who tried to get his response to a slightly positive economic report that hit this week.

The reporter inquired about the latest economic data, which reported inflation at under 3%, the lowest level since mid-2021. But what was intended as a straightforward request for comment became a platform for former President Donald Trump’s running mate to criticize the current administration.

“I wanted to ask you about the latest economic news from this morning, with inflation now being under 3%, the lowest rate since mid-2021. What is your reaction to that news?” the Times reporter asked, which led to a round of boos and jeers from the crowd.

“Well, I think the crowd reaction says it all,” Vance began, gesturing to the energized audience’s audible boos to the question. “Look, when they say that inflation is down, they mean from a baseline where groceries are already 30% more expensive than they were when Donald Trump was president. And they’re not saying it’s coming down, they’re just saying it’s not going up as fast as it was three years ago. That is not a reputation or a record to brag on, that’s a record to be ashamed of.”

“Why did it take them so long to get inflation to where it is, and why are prices so high? It’s because Kamala Harris failed to do her job,” Vance said. “So if they want to go around and this is, you know, it’s funny… Kamala Harris on the one hand will say on day one we’re going to tackle the affordability crisis and like I said earlier Kamala Harris has been the vice president for three and a half years, and I think, ladies and gentlemen, she’s in effect been the acting president because we all know Joe Biden isn’t home. So she’s been the one controlling government policy for three and a half years.”

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