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Re: The government dramatically underestimated job growth this summer

By: Cactus Flower in ALEA | Recommend this post (0)
Wed, 17 Nov 21 3:35 PM | 17 view(s)
Boardmark this board | The Trust Matrix 		Msg. 43950 of 54959
(This msg. is a reply to 43948 by clo2)
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A lot of people must have changed the sorts of jobs they do. Otherwise the supply chain would be working better.

By the way, we have similar things going on here. The countries doing early bird recoveries following advanced vaccination programmes are grabbing a lot of business. That was one reason governments were in a rush.

Meanwhile, the EU was behind on vaccinations and is not recovering as fast. In fact, it hid from delta over the summer and is now stuck with a late delta wave. So more lockdowns across the English channel. Terrible risk management. I won't be surprised if they ask for help from Britain to supply them with more essential goods pretty soon. Coronavirus has really exposed how bureaucratic and ineffective the EU is.

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The above is a reply to the following message:
The government dramatically underestimated job growth this summer
By: clo2 in ALEA
Wed, 17 Nov 21 3:10 PM 		Msg. 43948 of 54959

The government dramatically underestimated job growth this summer
Initial reports underestimated job growth by a cumulative 626,000 over four months

By Andrew Van Dam Reporter
Yesterday at 6:00 a.m. EST

The government sharply underestimated job gains for most of 2021, including four months this summer in which it missed more job growth than at any other time on record.

In the most recent four months with revisions, June through September, the Bureau of Labor Statistics (BLS) reported it underestimated job growth by a cumulative 626,000 jobs — that’s the largest underestimate of any other comparable period, going back to 1979. If those revisions were themselves a jobs report, they’d be an absolute blockbuster.

In an average month before the pandemic, estimates would be revised by a little over 30,000 jobs, or just 0.02 percent of all the jobs in the United States. The recent revisions to the jobs reports have been much larger.

The missing jobs surfaced through revisions to the widely watched non-farm payrolls number that BLS releases each month. The data is considered preliminary until it has been revised twice. The fixes are typically minor, but recent revisions have been big enough to turn a substantial slump into a surprising surge.

more:
http://www.washingtonpost.com/business/2021/11/16/government-underestimated-job-growth/

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