U.S. May Lose 824,000 Jobs as Employment Data Revised: Analysis

[Patranus]

Feb. 3 (Bloomberg Multimedia) -- The U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on Feb. 5, showing the labor market was in worse shape during the recession than known at the time.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aNSc0oQ0vb4M&pos=10

When you do this in private business you go to jail.

I wonder what this will do to Obama's jobs "saved or created" figure

 

[theeedude]

There are going to be a lot of revisions to a lot of data, hold on to your behind.

 

[brencat]

I too think the revision will be large, though < 500k. The BLS was routinely adding jobs it thinks but couldn't prove were created in the middle of the worst recession in decades...which we all knew was B.S. And Jan-Feb of every year is when the adjustment to those guesses are made when they have actually had time to verify their estimates. Amazing how no one in financial mainstream media ever talks about this nonsense and noise in the numbers.

Only one writer I'm aware of...John Crudele of the NY Post, has discussed this issue at length and what a racket it is. He has been saying there will be a much worse than expected Jan payroll # for a while now.

 

[woolfe9999]

http://www.bloomberg.com/apps/news?pid=20601109&sid=aNSc0oQ0vb4M&pos=10

When you do this in private business you go to jail.

I wonder what this will do to Obama's jobs "saved or created" figure

I will do absolutely nothing to it. Read your article more carefully and note what timeframe the error may have occurred in.

BTW, there are now 2 threads on this topic.

- wolf