Former Home Depot CEO Urges for Honesty in Jobs Data Reporting

In a recent appearance on "The Evening Edit," former Home Depot CEO Bob Nardelli urged the government to provide an honest assessment of U.S. jobs data, which he claims is "woefully overstated." His comments come in light of warnings from Federal Reserve Governors Michelle Bowman and Lisa Cook, who expressed concerns that job gains may be inflated and that the labor market could be weaker than perceived. Nardelli emphasized the need for transparency, stating, "It's about time" for the government to be truthful about employment statistics. The U.S. Bureau of Labor Statistics is anticipated to announce a significant downward revision to payroll growth, potentially reducing job numbers by at least 600,000 for the year ending in March. Additionally, the Atlanta Federal Reserve has lowered its third-quarter GDP forecast to a modest 2%. Nardelli criticized the practice of announcing job figures with much fanfare, only to later adjust them quietly, highlighting that even Goldman Sachs has suggested a potential adjustment of between 600,000 to 1 million jobs. Nardelli pointed to recent layoffs by Stellantis, which announced the elimination of 2,500 jobs, as further evidence of a troubling job market. Despite President Biden's claims of job creation under his administration, Nardelli noted that much of this growth was merely a rebound from the COVID-19 pandemic. He warned that the current tight job market will soon be reflected in rising unemployment figures, with the next jobs report due on September 6.