"Right, well, one of the things we know is that they've been really at BLS struggling with bad response rates, Hassett explained. And Goldman Sachs put out a study yesterday that said that they'd been messing up the August seasonals so much that over the last 10 to 15 years they've tended to have to revise up the number by around almost 70,000 jobs when they get the new final surveys."
"And if that happens, that'll be consistent with all the other indicators we're seeing. Industrial production is at an all-time high. Capital spending is up 8% over the first half of the year after it being mostly flat under Joe Biden. And also within the jobs report we got today, there are a lot of really interesting and positive patterns. Thing one is that all the job creation is private sector job creation."
Only 22,000 new jobs were added in August, well below expectations of 75,000, and unemployment rose to 4.3%, the highest since spring 2021. The report arrived after the Trump administration fired the Bureau of Labor Statistics' chief statistician and after a major tariff policy took effect. National Economic Council Director Kevin Hassett attributed much of the weak headline to BLS survey problems and seasonal adjustment errors, citing a Goldman Sachs study that suggested historical upward revisions of roughly 70,000 jobs. Fox News anchor Bill Hemmer pressed Hassett on that explanation while Hassett pointed to strong industrial production, rising capital spending, and private-sector job gains.
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