Unemployment Revisions and the BLS (Minus the L)
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.