Wednesday, 26 November 2014 / TRUTH-OUT.ORG

Revised Labor Department Figures Find an Extra 386,000 Jobs

Friday, 28 September 2012 09:08 By Jim Puzzanghera, The Los Angeles Times | Report

Washington - The government went back over its numbers and found something missing -- nearly 400,000 new jobs.

In its annual revision to its employment data, the Labor Department said Thursday that 386,000 more jobs were created in the year ending in March than it originally had reported. The revision is a preliminary estimate, with a final figure coming in February.

The revision "calls into question just how grave of a concern the labor market is" for the Federal Reserve, which announced a new round of stimulus this month, said Chris Rupkey, chief financial economist at the Bank of Tokyo-Mitsubishi.

"Maybe things are better than we think," he said, noting that the figures meant the economy added an average of more than 30,000 jobs each month during that period than initially thought.

The new data, culled from state unemployment insurance tax records, showed the economy added 453,000 additional private sector jobs. But government jobs dropped 67,000 more than originally reported.

The result is there were 133.25 million people employed in non-farm jobs at the end of March instead of 132.86 million, or about 0.3% more than originally thought.

That's within the standard range for revisions, the Labor Department said. Over the past 10 years, the so-called annual benchmark revision has been plus or minus 0.3% of the workforce,

The biggest jobs gains were 145,000 in trade, transportation and utilities, 99,000 in leisure and hospitality, and 85,000 in construction. Manufacturing produced 25,000 less jobs than originally reported.

This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.

Jim Puzzanghera

Jim Puzzanghera covers tech and media policy from Washington, D.C.

He joined the Times in 2006 from the San Jose Mercury News, where he spent eight years as the paper's Washington bureau chief. Before that, he worked for the Mercury News in Silicon Valley during the dawn of the dot.com boom, when homes and lunches in Palo Alto were still somewhat affordable. He lives in Virginia with his wife and two boys, who, when he's not forcing them to play outside, constantly teach him new things about the Web and video games.

Jim can be reached at jim.puzzanghera @ latimes.com.


Hide Comments

blog comments powered by Disqus
GET DAILY TRUTHOUT UPDATES

FOLLOW togtorsstottofb


Latest Stories

Revised Labor Department Figures Find an Extra 386,000 Jobs

Friday, 28 September 2012 09:08 By Jim Puzzanghera, The Los Angeles Times | Report

Washington - The government went back over its numbers and found something missing -- nearly 400,000 new jobs.

In its annual revision to its employment data, the Labor Department said Thursday that 386,000 more jobs were created in the year ending in March than it originally had reported. The revision is a preliminary estimate, with a final figure coming in February.

The revision "calls into question just how grave of a concern the labor market is" for the Federal Reserve, which announced a new round of stimulus this month, said Chris Rupkey, chief financial economist at the Bank of Tokyo-Mitsubishi.

"Maybe things are better than we think," he said, noting that the figures meant the economy added an average of more than 30,000 jobs each month during that period than initially thought.

The new data, culled from state unemployment insurance tax records, showed the economy added 453,000 additional private sector jobs. But government jobs dropped 67,000 more than originally reported.

The result is there were 133.25 million people employed in non-farm jobs at the end of March instead of 132.86 million, or about 0.3% more than originally thought.

That's within the standard range for revisions, the Labor Department said. Over the past 10 years, the so-called annual benchmark revision has been plus or minus 0.3% of the workforce,

The biggest jobs gains were 145,000 in trade, transportation and utilities, 99,000 in leisure and hospitality, and 85,000 in construction. Manufacturing produced 25,000 less jobs than originally reported.

This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.

Jim Puzzanghera

Jim Puzzanghera covers tech and media policy from Washington, D.C.

He joined the Times in 2006 from the San Jose Mercury News, where he spent eight years as the paper's Washington bureau chief. Before that, he worked for the Mercury News in Silicon Valley during the dawn of the dot.com boom, when homes and lunches in Palo Alto were still somewhat affordable. He lives in Virginia with his wife and two boys, who, when he's not forcing them to play outside, constantly teach him new things about the Web and video games.

Jim can be reached at jim.puzzanghera @ latimes.com.


Hide Comments

blog comments powered by Disqus