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Private sector job growth stronger than originally thought

Einzige

Einzige

Elitist as Hell.
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U.S. economy added 386,000 more jobs in past year than we thought

On Thursday, BLS released newly revised data showing that the U.S. economy appears to have added 386,000 more jobs between April 2011 and March 2012 than the monthly reports had been showing. That would suggest that, in the last year, those monthly BLS reports have been understating job growth by roughly 32,000 jobs per month, on average.

Those extra jobs can add up: If the U.S. economy had in fact been adding, on average, 194,000 new jobs each month over that period instead of 162,000, then the country would be on pace to get back to full employment by 2021 rather than after 2025, according to the Hamilton Project’s calculator. (Though that’s still a slow, anemic recovery by either measure.)

...

According to the new BLS numbers, the United States has shed 67,000 more government jobs than thought as of March 2012. Private-sector jobs, by contrast, grew by 453,000 more than originally calculated.

What explains the change? Once a year, the BLS creates a “benchmark” for its jobs numbers by poring over tax records from companies across the country to find out how many people were actually working in March 2012. This helps the agency generate more accurate numbers, but the process takes about 10 months to complete. So, for the monthly reports, the BLS simply relies on smaller, less accurate surveys of businesses. The agency will publish its final benchmark revisions Feb. 1, 2013.
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and I am sure the republicans will say there is no influence on their part in this guessing game that just happened to give them the false numbers they wanted. Then these places will wonder why no one but the pundits who use their truthiness trusts them.

Educated guesses are nice when you don't have the data, but they have to stop portraying them as facts.
 
The agency will publish its final benchmark revisions Feb. 1, 2013.
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Sounds like it could go back down again - or up even more.
(Real title: "U.S. economy added 386,000 more jobs in past year than we thought - we think")

A lot of their initial estimates were revised down a month or two later, but sounds like this more than makes up for that.
 
tererun said:
and I am sure the republicans will say there is no influence on their part in this guessing game that just happened to give them the false numbers they wanted. Then these places will wonder why no one but the pundits who use their truthiness trusts them. .
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It's too bad they waste all their energy on making the BLS put out false numbers... our mental health system is apparently in dire need of some attention.
 
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386,000 extra in a year's time??

Heck, that would be a halfway decent month's numbers, but divide that by 12 and you have peanuts.
 
I would like to see how many people crossed from the poor strata to the middle class.

Notice how every politician keeps beating the same drums? I can create jobs, jobs, jobs. They rarely, if ever, mention what kind of jobs.

If you make 1mil poor paying jobs that keep people in the poor strata of society you achieve very little since it is known that only the middle class can maintain and support a functioning republic. If you create 100k good jobs that bring people in the middle class... then you are talking business.

So until I see what kind of jobs were made out of those 390k... which comes to about 30k/month... I won't go about saying what a wonderful thing it is. it is better than nothing, but is it worth adding 1400 billion dollars debt this year?
 
Rainman05 said:
Notice how every politician keeps beating the same drums? I can create jobs, jobs, jobs. They rarely, if ever, mention what kind of jobs.
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Yeah, Gov Perry’s boosters were doing the same thing back when he had some sort of hope of winning the GOP Primary (AKA before the nation had actually heard him). *shrug*

There are really good paying jobs in there but those usually aren’t the ones that lead economic recovery. Trickle-down is a nice idea, concentrate-up is typically what actually happens when markets are left to their own devices.
 
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