“We felt a great disturbance in the [Obama recovery] farce, as if 150,000 ‘everything is awesome’ job-gainers’ voices cried out in terror, and were suddenly silenced. We fear something terrible has happened.”
With the swipe of The Labor Department’s pen, 150,000 newly created jobs were ‘revised’ out of existence yesterday.
As The New York Times reports, the U.S. economy likely created 150,000 fewer jobs in the 12 months through March than previously estimated, the Labor Department said on Wednesday.
The reading, which is a preliminary estimate of the department’s annual “benchmark” revision to closely watched payrolls data, showed the retail, wholesale trade, education and professional and business services sectors accounted for the bulk of the downward revision.
Once a year, the government compares its nonfarm payrolls data, based on monthly surveys of a sample of employers, with a much more complete database of unemployment insurance tax records.
A final benchmark revision will be released in February along with the department’s report on employment for January. Government statisticians will use the final benchmark count to revise payrolls data for months both prior to and after March.
This revision – which shifts payrolls data lower in 9 of the last 14 months, is enough to knock 12k jobs off each month on average – likely kicking many of these prints to a ‘miss’… not that it matters anyway…
We didn’t hear too many mainstream media reporters discussing this major loss of jobs over the last 12 months?