Unemployment Revisions and the BLS (Minus the L)

Friday, February 05, 2010 , 6 Comments

CS Monitor:

From March 2008 to April 2009, about 1 million more jobs were lost than were previously estimated, according to the Bureau of Labor Statistics, in an annual benchmark revision released Friday. This means that instead of shedding 7.2 million jobs, the economy actually lost 8.4 million jobs during that time period.

“The revision is more than any other revision I can recall,” says Sung Won Sohn, a professor at the Smith School of Business & Economics, California State University at Channel Islands. “We’ve now lost more jobs than any other time since the Great Depression.”

The revision was included in a report on employment numbers for January, which showed that the economy lost 20,000 jobs during the month. This was somewhat worse than expected.

However, the unemployment rate, which is determined by a different survey, fell to 9.7 percent in January from 10 percent in December, according to the Bureau of Labor Statistics.

Really? That's some clever accounting but I can't point you to anyone who is buying this, especially with the massive revision data coming out at the same time as this silly OMG announcement that unemployment dipped below 10% at last.


Fuck your data, BLS.

Shadow Government Statistics still puts real unemployment around 20 - 22%, which is a far cry from this 9% crap the White House is hoping we'll believe. Pfft.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


Anonymous said...

The day has come when no believes it when the reply is:

"fuck your data, BLS"

I blew a little coffee on the monitor when I read that. The mood captured with an economy of words.


cl5v5r said...

there's too much math there. and graphs are for numbers nerds like economists. much easier to just listen to the radio. but, really? "Yay!" ?!?!

Jeff, glad to be of service, my dear.

As for you, cl5v5r, why are you trying to piss all over these incredible job numbers? Where is your YAY AMERICA spirit? The economy is fixed, remember?! And what do you have against number nerds?

In this economy, math skills are a necessity. How else are we supposed to decode these bullshit BLS numbers?!


cl5v5r said...

believe me, i know the value of math. how else would i keep count in this economy?


Anonymous said...

things that make you go hmmmm This is why they are so scared shitless where unemployment is concerned. Telling a bunch of retirees that they are going to be getting less in benefits while the more wealthy in the country are trying to decide which Ferrari to drive to work is not a pleasant job for any politician. Jeff