US Economy added 368000 more jobs than previously thought!

[Landslide Lyndon]

Great news for Mitt Romney!

http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/09/27/economy-added-386000-more-jobs-last-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.

[ajb]

Democrats were oversampled.

[afleitch]

Democrats were oversampled.

You win the thread.

[Sbane]

You must be logged in to read this quote.

Interesting hypothesis. I think when the economy is doing better the initial payroll numbers are a little lower than actual while during bad times it is a little higher than the actual numbers. For example we lost way more jobs during the recession than what the initial payroll numbers suggested.

[Lief 🗽]

Interesting article, but it forgets two crucial things: 1) malaise and 2) chicanery.

[Sbane]

Interesting article, but it forgets two crucial things: 1) malaise and 2) chicanery.

Also hype.

[Joe Biden is your president. Deal with it.]

Forgive me but I am tired today...Is this Good for Obama or Bad for him?

[Northeast Rep Snowball]

The false information is bad for him, the actual is better for him.

[5280]

It has no bad or good effect on Obama since they cancel each other out.

[Likely Voter]

Well the new numbers means that Obama has moved into net positive territory of jobs since he took office. So that takes away one of Romney's talking points that "Obama hasn't created a single job"

[Northeast Rep Snowball]

I have to disagree, the result of this depends on whose data is used and known, it most people are aware of the old data then it hurts him, if most people here about the incorrect survey then it might help him, but it depends on what you think. Are you looking at this as in what the facts are vs reported, or from know on keeping with the incorrect facts of the past

[Politico]

What matters is having job growth that outpaces population growth. Otherwise, we'll never get the unemployment rate back to normalcy.

Even if these numbers are true, which may or may not be the case (do not underestimate how low the Chicago machine is willing to go), job growth is obviously not keeping pace with population growth.

[H.E. VOLODYMYR ZELENKSYY]

What matters is having job growth that outpaces population growth. Otherwise, we'll never get the unemployment rate back to normalcy.

Even if these numbers are true, which may or may not be the case (do not underestimate how low the Chicago machine is willing to go), job growth is obviously not keeping pace with population growth.

Please stop.

[Politico]

What matters is having job growth that outpaces population growth. Otherwise, we'll never get the unemployment rate back to normalcy.

Even if these numbers are true, which may or may not be the case (do not underestimate how low the Chicago machine is willing to go), job growth is obviously not keeping pace with population growth.

Please stop.

Obama ultimately came out of nowhere because he is a smooth frontman for the same machine, albeit the next generation, that managed to bring dead people back to life to vote for Kennedy.

[Okay, maybe Mike Johnson is a competent parliamentarian.]

What matters is having job growth that outpaces population growth. Otherwise, we'll never get the unemployment rate back to normalcy.

Even if these numbers are true, which may or may not be the case (do not underestimate how low the Chicago machine is willing to go), job growth is obviously not keeping pace with population growth.

Please stop.

Obama Romney ultimately came out of nowhere because he is a smooth frontman for the same machine, albeit the next generation, that managed to bring people back to life to vote for Kennedy force women and children to work sixteen hours a day in factories that paid in scrip.

Fixed, as you might say.

[○∙◄☻¥tπ[╪AV┼cVê└]

So unlike Bush, Obama will have a net gain in jobs on his re-election day.

[Badger]

What matters is having job growth that outpaces population growth. Otherwise, we'll never get the unemployment rate back to normalcy.

Even if these numbers are true, which may or may not be the case (do not underestimate how low the Chicago machine is willing to go), job growth is obviously not keeping pace with population growth.

Please stop.

Obama ultimately came out of nowhere because he is a smooth frontman for the same machine, albeit the next generation, that managed to bring dead people back to life to vote for Kennedy.

PLEASE stop.

[5280]

What matters is having job growth that outpaces population growth. Otherwise, we'll never get the unemployment rate back to normalcy.

Even if these numbers are true, which may or may not be the case (do not underestimate how low the Chicago machine is willing to go), job growth is obviously not keeping pace with population growth.

Please stop.

Obama ultimately came out of nowhere because he is a smooth frontman for the same machine, albeit the next generation, that managed to bring dead people back to life to vote for Kennedy.

PLEASE stop.

I trust those numbers as much as the government. Both are full of BS from the magic machine.

[Badger]

What matters is having job growth that outpaces population growth. Otherwise, we'll never get the unemployment rate back to normalcy.

Even if these numbers are true, which may or may not be the case (do not underestimate how low the Chicago machine is willing to go), job growth is obviously not keeping pace with population growth.

Please stop.

Obama ultimately came out of nowhere because he is a smooth frontman for the same machine, albeit the next generation, that managed to bring dead people back to life to vote for Kennedy.

PLEASE stop.

I trust those numbers as much as the government. Both are full of BS from the magic machine.

STOOOOPPPP!!!!

[old timey villain]

If the federal government could manipulate jobs numbers to favor the incumbent party, George Bush would have created twice as many Jobs as Clinton.

[○∙◄☻¥tπ[╪AV┼cVê└]

The establishment jobs number is considered fairly reliable. It's the unemployment numbers that have been manipulated for the last 30 years. Reagan realized he needed good numbers so that he didn't become the 3rd President in a row to be defeated.

[Tender Branson]

What would be even better than that:

In the next 2 months, the BLS pulls out 2 reports with 200K jobs created (the Oct. report is released on the Friday before the election).

[milhouse24]

I wonder if "Job Creating Businesses" are excited about the election because there is a likelihood for a regime change and a Romney victory. 

Hiring may be going up because businesses see a possible Romney victory as good for their financial budgets.  They see tiny rays of sunshine and are optimistic for change. 

Remember, until recently most polls showed Romney tied or within the margin of error.

[Politico]

What would be even better than that:

In the next 2 months, the BLS pulls out 2 reports with 200K jobs created (the Oct. report is released on the Friday before the election).

Keep dreaming.

[Politico]

What matters is having job growth that outpaces population growth. Otherwise, we'll never get the unemployment rate back to normalcy.

Even if these numbers are true, which may or may not be the case (do not underestimate how low the Chicago machine is willing to go), job growth is obviously not keeping pace with population growth.

Please stop.

Obama ultimately came out of nowhere because he is a smooth frontman for the same machine, albeit the next generation, that managed to bring dead people back to life to vote for Kennedy.

PLEASE stop.

Obama did not come out of nowhere by virtue of being a likeable guy. Harold Ford, Jr. is every bit as likeable and charismatic (and unlike Obama, Ford is actually a New Democrat). Obama is a frontman for the Chicago Machine, and they love every minute of control of Washington.