Joe Biden’s economy is doing so great that the unemployment rate shot up this month from 3.5% to 3.8%. This comes as the Biden administration revised the summer jobs DOWN significantly from what they had previously reported.

Here’s more from CNBC:

The unemployment rate rose sharply in August, as the summer of 2023 neared a close with a job market in slowdown mode.

Nonfarm payrolls grew by a seasonally adjusted 187,000 for the month, above the Dow Jones estimate for 170,000, the U.S. Bureau of Labor Statistics reported Friday.

However, the unemployment rate was 3.8%, up significantly from July and the highest since February 2022, and estimates for previous months showed sharp downward revision. That increase in the jobless level came as the labor force participation rate rose to 62.8%, the highest since February 2020, just before the Covid pandemic declaration.

A more encompassing unemployment measure that counts discouraged workers as well as those working part-time for economic reasons jumped to 7.1%, a 0.4 percentage point increase and the highest since May 2022.

110,000 jobs just up and disappeared in today’s revisions…

While the nonfarm payrolls growth continued to defy expectations, previous months’ counts were revised considerably lower.

The July estimate moved down by 30,000 to 157,000. June was revised lower by 80,000 to 105,000, making that the smallest monthly gain since December 2020.

The unexpected increase in the jobless rate came as the rolls of the unemployed grew by 514,000. The household count of those employed increased by 222,000.

They say today’s jobs report beat expectations. But just wait until next month when they revise the numbers down below expectations. The revisions do get some coverage but not as much as ‘jobs report beat expectations’. You see what they are going for…