Former Home Depot CEO on Fed officials warning over jobs data: ‘About time’ the government ‘got honest’

Home Depot’s former CEO is calling for the government to tell the truth, as Federal Reserve governors are warning about U.S. jobs data being inflated.

During an appearance on “The Evening Edit,” Monday, Bob Nardelli suggested that the country’s jobs data is “woefully overstated,” arguing that it’s “about time” the government “got honest.” 

“You and I watch this very closely every month,” Nardelli told host Elizabeth MacDonald in response to Federal Reserve Governors Michelle Bowman and Lisa Cook warning that job gains are overstated, and the labor market could be weaker than we realize.   

JOBLESS CLAIMS RISE LESS THAN EXPECTED TO 233,000

The U.S. Bureau of Labor Statistics is expected to release a sizable downward revision Wednesday, potentially lowering payroll growth by at least 600,000 jobs in the year through March.

What’s more, the Atlanta Fed cut its forecast for the third-quarter U.S. GDP to just 2%.  

“There’s a lot of fanfare. They announce a number, and then they quietly adjust it a few months or weeks later,” Nardelli stressed. “Now, even Goldman Sachs is talking about an adjustment between 600,000 to 1 million jobs.”  

LAYOFFS ANNOUNCED AT MULTIPLE COMPANIES THIS SUMMER

According to Nardelli, the nation’s largest employers last year including health care, government, hospitality and travel, will see numbers adjusted. 

“Stellantis, the car manufacturer, just announced 2,500 jobs would be laid off. Manufacturing in the list I looked at was ranked 11th as far as job creation under this administration,” he pointed out, “so yes, I think it’s woefully overstated. And it’s about time they got honest.”

In response to the July jobs report showing U.S. job growth slowed to 114,000, while unemployment unexpectedly rose to the highest level in nearly three years, President Biden touted job creation under his administration.

“Since Vice President Harris and I took office, our economy has created nearly 16 million jobs, average unemployment has been lower than during any administration in 50 years, and incomes have risen faster than prices,” the statement read. 

Nardelli explained that “a lot of that was a bounce-back from COVID,” warning that the job market is “tight,” and that we will see that reflected in unemployment. 

“We saw it last month. We’re going to see it go up again, Liz,” he warned.

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The next jobs report showing data for August will be released on September 6. 

FOX Business’ Megan Henney contributed to this report