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Messy job reports and unreliable labor data forecasts take a toll on Biden in his first year
Jan 12, 2022 | CNBC
Picture - Messy job reports and unreliable labor data forecasts take a toll on Biden in his first year

To say that the Labor Department's regular jobs report is important would be to undersell what many consider something of a monthly economic holiday.

That data, which includes the official measure of national unemployment and monthly job creation, not only shapes economic forecasts. It also serves as a potent political barometer, an instant report card on the success or failure of a U.S. president's economic plan. It can sway consumer attitudes in the short term and influence voters every two years.

An assumption that the government provides accurate numbers underpins the emphasis on the monthly update.

Now, the Covid-19 pandemic has made the Bureau of Labor Statistics' job harder, and its initial monthly report less reflective of the final count after revisions. President Joe Biden, who will mark a year in office Jan. 20, has paid a political price as his party tries to hold control of Congress in November's midterm elections.

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