Economist says figures were cooked up and not tethered to empirical reality
On Friday, the U.S. government released the official job figures for the month of October. President Donald Trump took to Twitter to double the figures. Several experts were confused about the calculations of the president. In the end, Trump was blasted for his “Trump University economics” and “fuzzy math.”
128,000 new jobs were created in October
The Labor Department of the Trump administration reported that 128,000 jobs had been added to the country in the month of October. However, the jobless rate in the nation still rose by 3.6%. Trump tweeted that the U.S. had a blowout of about 303,000 jobs. Ivanka Trump, the president’s daughter stuck to the official figure in her tweet.
Later on, the White House explained the inflated math saying that it had arbitrarily pumped the numbers by 60,000 which officials claim were lost to the General Motors strike whether directly or indirectly. Also, it added all job adjustments from subsequent months without subtracting the downward adjustments from the months before. The White House also added about 20,000 workers who were temporality hired for the census but are not working presently.
Chief economist at RSM, Joseph Bruselas said the statement does not make sense and isn’t tethered to empirical reality. He also said that the financial media has to prepare for more gas-lighting on all data on employment next year when the country’s Census Bureau hires more than 500,000 to conduct the next census. Bruselas also mentioned that as an economist, he will try to interpret changes in employment excluding the census. Considering what he observed, he doesn’t expect the White House to do the same. Trump was blasted by several Twitter users including Chris Lu, former deputy secretary of labor under President Barack Obama.