Revised Labor Department figures find an extra 386,000 jobs

Last edited Thu Sep 27, 2012, 01:38 PM USA/ET - Edit history (1)

Source: Los Angeles Times

WASHINGTON -- The government went back over its numbers and found something missing -- nearly 400,000 new jobs.

In its annual revision to its employment data, the Labor Department said Thursday that 386,000 more jobs were created in the year ending in March than it originally had reported. The revision is a preliminary estimate, with a final figure coming in February.

The revision "calls into question just how grave of a concern the labor market is" for the Federal Reserve, which announced a new round of stimulus this month, said Chris Rupkey, chief financial economist at the Bank of Tokyo-Mitsubishi.

"Maybe things are better than we think," he said, noting that the figures meant the economy added an average of more than 30,000 jobs each month during that period than initially thought.

Read more: http://www.latimes.com/business/money/la-fi-mo-jobs-payroll-revision-20120927,0,3644872.story

http://www.bls.gov/ces/cesprelbmk.htm

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4 replies	Author	Time	Post
Revised Labor Department figures find an extra 386,000 jobs (Original post)	kpete	Sep 2012	OP
How convenient is THAT!? I would have loved to be a fly on the wall when they made the "discovery"-	jonesgirl	Sep 2012	#1
Wonder who is responsible for this convenient mistake	Hutzpa	Sep 2012	#2
Not a mistake. Nothing more than regular revisions by Census Bureau and BLS. They	jtuck004	Sep 2012	#3
Not surprising.	RC	Sep 2012	#4

Response to kpete (Original post)

Thu Sep 27, 2012, 01:53 PM

jonesgirl (157 posts)

1. How convenient is THAT!? I would have loved to be a fly on the wall when they made the "discovery"-

Honestly, every one of these dept. within our government needs to be thoroughly investigated by an independent source. That source being...We The People! Imagine how many jobs that would create. Put a freeze on the whole fucking economy until we get rid of the REAL moochers and leeches that rape us daily thru our tax dollars!

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Response to kpete (Original post)

Thu Sep 27, 2012, 01:55 PM

Hutzpa (10,475 posts)

2. Wonder who is responsible for this convenient mistake

could it be those that were left behind by the Bush cartel?

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Response to kpete (Original post)

Thu Sep 27, 2012, 02:37 PM

jtuck004 (5,092 posts)

3. Not a mistake. Nothing more than regular revisions by Census Bureau and BLS. They

publish these every month and every year, as more data comes in. It's part of their job to account for continued data collection, just SOP. Despite all the monthly blather, the BLS says that month to month projections should be viewed as single data points, and we should look to historical data with revisions for real accuracy.

Perhaps the businesses and individuals that respond don't necessarily see reports to the BLS as the first priority in their day.

They could put more employees on, make it better. Perhaps after we create 20+ million decent paying jobs and get some families out of poverty and above the level of the "working poor", since those reports are good enough as is.

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Response to kpete (Original post)

Thu Sep 27, 2012, 02:57 PM

RC (21,633 posts)

4. Not surprising.

When people lose their Living Wage Jobs and have to find 2 or 3 jobs to survive, sure the job numbers are going to look good.
You will notice that they NEVER talk about Living Wage Jobs. NEVER. It is always Just Jobs.

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