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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsU.S. created 501,000 fewer in past year than previously reported
https://www.marketwatch.com/story/us-created-501000-fewer-jobs-as-of-march-2019-than-previous-reported-2019-08-21Turns out hiring wasnt nearly as strong in 2018 and early 2019 as the government initially reported by about a half-million jobs.
The U.S. economy had 501,000 fewer jobs in March 2019 than previously reported, government revisions show, suggesting that hiring was not as strong in the past year as it seemed. Hiring was weaker in retail, restaurants and hotels. The annual revision is much larger than is typically the case. The preliminary revision in 2018, for example, was just 43,000. Every year the Bureau of Labor Statistics updates its figures based on unemployment data that nearly all employers are required to file with the states. The current revision is one of the largest ever.
The newly revised figures indicate the economy didnt get a huge boost last year from President Trumps tax cuts and higher federal spending. They also signal the economy is a bit weaker than previously believed and could give the Federal Reserve even greater reason to cut interest rates in September.
This makes some sense, as the 223,000 average monthly increase in 2018 seemed too good to be true in light of how tight the labor market has become and how much trouble firms are said to be having finding qualified workers, said chief economist Stephen Stanley of Amherst Pierpont Securities.
The U.S. economy had 501,000 fewer jobs in March 2019 than previously reported, government revisions show, suggesting that hiring was not as strong in the past year as it seemed. Hiring was weaker in retail, restaurants and hotels. The annual revision is much larger than is typically the case. The preliminary revision in 2018, for example, was just 43,000. Every year the Bureau of Labor Statistics updates its figures based on unemployment data that nearly all employers are required to file with the states. The current revision is one of the largest ever.
The newly revised figures indicate the economy didnt get a huge boost last year from President Trumps tax cuts and higher federal spending. They also signal the economy is a bit weaker than previously believed and could give the Federal Reserve even greater reason to cut interest rates in September.
This makes some sense, as the 223,000 average monthly increase in 2018 seemed too good to be true in light of how tight the labor market has become and how much trouble firms are said to be having finding qualified workers, said chief economist Stephen Stanley of Amherst Pierpont Securities.
There's always revisions. They aren't usually this big.
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U.S. created 501,000 fewer in past year than previously reported (Original Post)
Recursion
Aug 2019
OP
What a surprise. Only an idiot wouldn't know the Trump administration was cooking the numbers.
bearsfootball516
Aug 2019
#1
bearsfootball516
(6,377 posts)1. What a surprise. Only an idiot wouldn't know the Trump administration was cooking the numbers.
triron
(22,026 posts)10. Like the idiot media.
dalton99a
(81,637 posts)2. Typical Trump scam
kentuck
(111,110 posts)3. Wow!
That's a lot!
That's over 40,000 jobs per month!
Recursion
(56,582 posts)4. Yup. It takes those 220,000 months down to 180,000
Big difference
smirkymonkey
(63,221 posts)5. K&R
Meadowoak
(5,564 posts)6. Trump's numbers are smaller than Obama's. That's gonna sting!
magicarpet
(14,187 posts)7. It is suspected,... so is his mushroom....
keithbvadu2
(36,962 posts)9. A 'mistake' or just another Trump lie?
A 'mistake' or just another Trump lie?
triron
(22,026 posts)11. I'm sure it's definitely not a lie. sarcasm.