The White House is out with a statement from White House press secretary Levitt saying: today,
The BLS released the largest downward revision on record proving that Pres. Trump was right: Biden's economy was a disaster and the BLS is broken. This is exactly why we need new leadership to restore trust and confidence in the BLS's data on behalf of the financial markets, businesses, policymakers, and families that rely on this data to make major decisions. Much like the BLS has failed the American people, so has Jerome "Too Late" Powell – who has officially run out of excuses and must cut the rates now.
The final revision will be made in February 2026.
UPDATE: Treasury Secretary Bessent is now out saying that:
- 2024 job gains were exaggerated by nearly 1 million workers
- US Pres. Trump inherited a far worse economy than reported,
- He is right to say the Fed is choking off growth with high rates
VP Vance is commenting on X:
- It's difficult to overstate how useless BLS data has become.
- A change was necessary to restore confidence
