Economics

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Total nonfarm payroll employment increased by 142,000 in August, and the unemployment rate changed little at 4.2 percent, the U.S. Bureau of Labor Statistics reported today. (www.bls.gov)

submitted 3 months ago by dubya43 to c/economics

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[–] dubya43 2 points 3 months ago (1 children)

Just to clarify by downward you mean revised downward in the emotionally negative sense not the actual number shrinking right? If I can recall they have been increasing the numbers largely with each revision.

I think the fed takes this into account for what it’s worth, and have a sense of how much to emphasize the data. I might trust them too much but only time will tell on that!

[–] [email protected] 3 points 3 months ago (1 children)

The job numbers have been revised in a downward direction pretty consistently[1]. The year over year numbers from the BLS were revised massively downwards a few weeks ago, by 800,000 jobs.[2]

[1] https://www.msn.com/en-us/money/careers/the-biden-admin-has-overcounted-new-jobs-almost-every-single-month-this-year/ar-AA1jlasf

[2] https://www.cnbc.com/2024/08/21/nonfarm-payroll-growth-revised-down-by-818000-labor-department-says.html

[–] dubya43 2 points 3 months ago

Ah I see, I’m confusing unemployment rate with the jobs top line figure. Thank you.