As it turns out, former President Joe Biden's job numbers are significantly better than initially believed.
Jobs reports typically come out weekly on Fridays. This Friday will reflect a recent adjustment to previous reports: jobs by immigrants, a CNBC reporter told MSNBC's Katy Tur on Thursday.
Depending on how that data is presented, President Donald Trump could claim to have the best job report of any president in history. However, those numbers all come from immigrant employment under the Biden administration.
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CNBC senior economics reporter Steve Liesman said there has been a "huge surge of immigrants" into the United States over the past three years. It was an issue that Trump attacked Biden and Vice President Kamala Harris on during the 2024 campaign.
Since the 2020 census, an estimated 3.5 million immigrants have moved in, and the Census Bureau spent the final months of Biden's administration trying to count them. Of those who entered, 2.3 million are now working.
"So, this will be tomorrow the largest upward revision to what is called the household survey," said Liesman. "Now, just to be clear, the household survey gives us the unemployment rate. It gives us different ethnic data by race and gender, whereas the one that's really followed by Wall Street is the payroll survey. This one has been pretty good and showed pretty strong job growth all along."
He said that the "separate household survey" numbers were weak.
"People would say, you know what, maybe the economy is weak because that's what the household survey shows," Liesman continued, explaining how those numbers are calculated. "Well, there'll be some downward adjustment to the payroll survey, but a big upward adjustment to the household survey showing that we indeed did have strong job growth over the past several years. We just did not really do a good job of counting the immigrants."
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