The economy is doing better 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.