Summer Job Growth Was Dramatically Underestimated

The economy is doing better than we thought

The economy is doing better than we thought

We have a lot more jobs than we thought:

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.

As one senator put it, “I guess I’m not exactly sure why what’s happening isn’t being characterized as a booming recovery from a worldwide shutdown.”

Jobs Report Offers Little Reassurance on U.S. Economy

https://www.nytimes.com › Business › EconomyBy Ben Casselman. Published Oct. 8, 2021Updated Nov. 4, 2021. September was another weak month for job growth. Cumulative change in jobs since before the …

The government dramatically underestimated job growth – The …

https://www.washingtonpost.com › business › 2021/11/162 days ago — Initial reports underestimated job growth by a cumulative 626,000 over … The government sharply underestimated job gains for most of 2021, …

The reports at the time:

September’s jobs creation comes up short with gain of just 194,000

The U.S. economy created jobs at a much slower-than-expected pace in September, a pessimistic sign about the state of the economy though the total was held back substantially by a sharp drop in government employment.

msnbc

-https://www.msnbc.com/rachel-maddow-show/why-biden-s-record-jobs-has-been-dramatically-underestimated-n1284038