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July 6, 2013

Job growth revised upwards for month of June

  • 195k net jobs created in June, well above the initial estimate of 165,000. April and May’s jobs estimates were revised upwards as well, an additional 70,000 new jobs over the two months.
  • 7.6%unemployment rate, according to the Labor Department — unchanged since the revisions. source
20:14 // 1 year ago
September 28, 2012
Number-crunchers over at the Bureau of Labor and Statistics realized today that between April 2011 and March 2012, there were 300,000 more jobs created than originally estimated.  If this upward revision is correct, President Obama is now in the green for job growth, having overseen a net gain in roughly 100,000 since taking office. This has just been an astonishingly bad week for Mitt Romney. source

Number-crunchers over at the Bureau of Labor and Statistics realized today that between April 2011 and March 2012, there were 300,000 more jobs created than originally estimated.  If this upward revision is correct, President Obama is now in the green for job growth, having overseen a net gain in roughly 100,000 since taking office. This has just been an astonishingly bad week for Mitt Romney. source

4:33 // 1 year ago
July 6, 2012

June’s unemployment rate, in one word: Unchanged

  • 8.2% unemployment rate in June (it’s unchanged)
  • 80k number of jobs created in June, according to the Bureau of Labor Statistics report
  • 77k number of jobs created in May, based on revised numbers; June was a marginal improvement
  • 100k number of jobs economists expected to be created in June; the sound of failure source

» Does little improvement = decline? That’s Ezra Klein’s argument on the report. “In this economy, little or no change isn’t good enough,” he says. “We added 80,000 jobs in June. That’s not enough to keep up with population growth. So, in the context of our growing workforce, the labor market lost ground last month.”

» Editor’s note: And because this comes up EVERY SINGLE MONTH, the unemployment rate above is the U3 unemployment rate, the standard that the Bureau of Labor Statistics uses. If you use the U6 unemployment rate (which includes people unemployed but not currently looking for work, or working part-time for economic reasons), it jumps to 14.9 percent, which is up from last month.

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10:16 // 2 years ago
March 10, 2012
Based on one report, it’s as if the president’s full economic agenda is either brilliant or moronic. Get good numbers and you’re Keynes reincarnate. Get bad numbers and you can’t add.
Vice President Biden’s former chief economist Jared Bernstein • Discussing the process that goes into the Bureau of Labor Statistics’ monthly employment reports, reports which have taken on new importance as the 2012 election hits. (The numbers showed slight improvement Friday, with the unemployment rate staying steady but jobs levels increasing.) Highly recommend you read the Washington Post’s piece on the matter, which goes in depth explaining exactly what happens to bring those numbers — numbers which can define the entire debate over the next month — to reality. It’s fascinating.
10:52 // 2 years ago
February 4, 2011

On why the Bureau of Labor Statistics needs to hire us

ilyagerner said: The BLS explanation in their release was that previous months’ job numbers were underestimated. Inability write their press releases in plain English is a problem for the BLS (yglesias.thinkprogress….)

» We say: Worth noting that this is true. You’d think that with a government the size of ours, they’d cut through the clutter and explain this in a meaningful way. Possibly they should considering hiring us to explain their next report?

15:14 // 3 years ago