Former Home Depot CEO and Chairman Bob Nardelli spoke about the U.S. employment data and argued that the job market is “tight.”
As Federal Reserve governors warn that US jobs data is inflated, the former CEO of Home Depot is calling on the government to tell the truth.
Appearing on The Evening Edit on Monday, Bob Nardelli suggested the country’s employment data has been “grossly exaggerated” and argued it’s “time for the government to be honest”.
“You and I are watching this very closely every month,” Nardelli told host Elizabeth MacDonald after Federal Reserve Governors Michelle Bowman and Lisa Cook warned that job gains have been exaggerated and the labor market may be weaker than we realize.
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The Bureau of Labor Statistics is expected to issue a big downward revision on Wednesday that could reduce job gains by at least 600,000 in the year to March.
Additionally, the Atlanta Fed lowered its forecast for third-quarter U.S. GDP growth to just 2%.
“They make a big fuss about it, they announce numbers and then quietly adjust them months or weeks later,” Nardelli said. “Even Goldman Sachs is now talking about cutting jobs by 600,000 to 1 million.”
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Nardelli said numbers will be adjusted for industries that were the nation’s largest employers last year, including health care, government, hospitality and travel.
“Stellantis, the automaker, just announced they’re cutting 2,500 jobs. I saw a list and manufacturing was 11th in job creation under this administration,” he said. “So I think this is certainly a gross exaggeration. It’s time to be honest.”
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President Biden touted the job creation under his administration following the July jobs report that showed U.S. payroll growth slowed to 114,000 and the unemployment rate unexpectedly rose to its highest level in nearly three years.
“Since Vice President Harris and I took office, our economy has added nearly 16 million jobs, the average unemployment rate is lower than any administration in the last 50 years, and incomes have grown faster than prices,” the statement said.
“A lot of this is due to the recovery from COVID,” Nardelli explained, warning that the job market was “tight” and that this would be reflected in the unemployment rate.
“It happened last month. It’s going to go up again, Liz,” he warned.
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The next employment report, showing August data, is due to be released on Sept. 6.
FOX Business’ Megan Henney contributed to this report.
