Headline Roundup • December 11th, 2025
Are Job Numbers Worse Than Reported?
Summary from the AllSides News Team
The Federal Reserve cut interest rates for a third time this year, and Chair Jerome Powell said this cut was partially motivated by the possibility that US job gains have been overestimated throughout the year.
The Details: On Wednesday, Powell said, "We think there's an overstatement in these numbers," claiming that federal data may have overestimated growth by about 60,000 jobs per month. He suspects that more accurate data would reveal an average net loss of 20,000 jobs per month since April.
For Context: Wall Street Journal (Center bias) explained that because collecting jobs data, particularly from newly created or newly closed businesses, is so complex, the Bureau of Labor Statistics uses a statistical model to estimate these numbers. Though the bureau has laid out a new plan for estimation that will go into effect in February, Powell suggested that the current numbers may be "too good to be true."
How the Media Covered It: Though outlets on the Right frequently covered the Fed's interest rate cut, AllSides was unable to find right-leaning coverage of Powell's statements about exaggerated jobs numbers at the time of publication. Outlets on the Left focused coverage on the Trump administration's potential role in the inaccurate numbers, with The New Republic (Left) writing in its headline that the "Trump Admin May Be Seriously Exaggerating" jobs numbers. NBC News (Lean Left) highlighted Powell's fears about the job market and also mentioned that President Donald Trump's tariffs were a large contributor to higher prices on consumer goods. Wall Street Journal focused the most on the alleged discrepancy in jobs numbers, noting a variety of issues the Labor Department has faced in 2025.
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Featured Coverage of this Story
The Federal Reserve on Wednesday cut its influential interest rate for the third time this year, pointing to a job market that Chairman Jerome Powell said may be weaker than it appears.
The cut of a quarter point — a cautious interest rate move by the Fed — could make it cheaper for average Americans who hold a mortgage, have credit card debt or need to take out or refinance a personal loan. It would also help businesses borrow at lower rates.
Fed Chair Jerome Powell pointed on Wednesday to a job-market risk that economists have been worried about for months: Official statistics could be drastically overstating recent hiring.
Powell said that Fed staffers believe that federal data could be overestimating job creation by up to 60,000 jobs a month. Given that figures published so far show that the economy has added about 40,000 jobs a month since April, the real number could be something more like a loss of 20,000 jobs a month, Powell said.
"We think there's an overstatement in...
Chip Somodevilla/Getty Images
The Trump administration might be exaggerating their employment figures, Federal Reserve chair Jerome Powell warned Wednesday.
In a press conference, Powell said that staffers at the Fed think that the government could be overestimating the number of jobs created by 60,000 each month. With published figures stating that the U.S. has added an average of 40,000 jobs each month since April, the true numbers could be closer to a loss of 20,000 jobs a month.
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