Regis Philbin
Feb 1st, 2007, 05:26 PM
Whoot! 1 million new jobs! Just like that!
Everyone with any sense knows the economy is stronger than the "experts" say it is... :]
http://money.cnn.com/2007/02/01/news/economy/jobs_outlook/index.htm?cnn=yes
Found! 1 million jobs
Government revisions to payrolls are likely to show job growth has been much stronger than first thought.
By Chris Isidore, CNNMoney.com senior writer
February 1 2007: 3:52 PM EST
NEW YORK (CNNMoney.com) -- The question of why the economy hasn't added more jobs since the 2001 recession ended may get this answer Friday morning: It probably did.
The government's January employment report is due before U.S. financial markets open Friday, and economists are forecasting 150,000 new jobs were created last month, down a bit from 167,000 in December. The unemployment rate is pegged to hold steady at 4.5 percent.
But the numbers will also include the Labor Department's so-called benchmark revisions to job numbers for April 2005 through March 2006. While it's gotten very little attention, the department's Bureau of Labor Statistics (BLS) estimated last October that the revisions will add about 810,000 jobs to its count of U.S. payrolls for that 12-month period.
In addition, the BLS will make changes to its estimates for April 2006 through December 2006, and some economists say several hundred thousand additional jobs may be counted for that period, meaning the overall job gain could top 1 million. Wachovia senior economist Mark Vitner estimates a total net gain of 1.2 million from all the revisions.
Changes of that magnitude would obviously dwarf the January numbers, which will nevertheless get most of the attention on Wall Street.
The benchmark revision is the biggest going back to the 1970s, and some economists say it shows not only that the economy is doing much better than previously believed, but that the way the Labor Department calculates those on the job needs significant revisions.
If the revision for the 12 -months ending in March 2006 does produce the now expected upward revision of 810,000, that will mean that job growth in the period was about 40 percent stronger than the government's previous estimates.
"It looks as if the monthly numbers grossly undercounted the true number of jobs created," said Bernard Baumohl, managing director of the Economic Outlook Group, a Princeton, N.J. research firm.
It's not that the benchmark always revises the number of workers higher. In fact in four of the previous five revisions, the benchmark revision actually lowered the previous payroll count.
Everyone with any sense knows the economy is stronger than the "experts" say it is... :]
http://money.cnn.com/2007/02/01/news/economy/jobs_outlook/index.htm?cnn=yes
Found! 1 million jobs
Government revisions to payrolls are likely to show job growth has been much stronger than first thought.
By Chris Isidore, CNNMoney.com senior writer
February 1 2007: 3:52 PM EST
NEW YORK (CNNMoney.com) -- The question of why the economy hasn't added more jobs since the 2001 recession ended may get this answer Friday morning: It probably did.
The government's January employment report is due before U.S. financial markets open Friday, and economists are forecasting 150,000 new jobs were created last month, down a bit from 167,000 in December. The unemployment rate is pegged to hold steady at 4.5 percent.
But the numbers will also include the Labor Department's so-called benchmark revisions to job numbers for April 2005 through March 2006. While it's gotten very little attention, the department's Bureau of Labor Statistics (BLS) estimated last October that the revisions will add about 810,000 jobs to its count of U.S. payrolls for that 12-month period.
In addition, the BLS will make changes to its estimates for April 2006 through December 2006, and some economists say several hundred thousand additional jobs may be counted for that period, meaning the overall job gain could top 1 million. Wachovia senior economist Mark Vitner estimates a total net gain of 1.2 million from all the revisions.
Changes of that magnitude would obviously dwarf the January numbers, which will nevertheless get most of the attention on Wall Street.
The benchmark revision is the biggest going back to the 1970s, and some economists say it shows not only that the economy is doing much better than previously believed, but that the way the Labor Department calculates those on the job needs significant revisions.
If the revision for the 12 -months ending in March 2006 does produce the now expected upward revision of 810,000, that will mean that job growth in the period was about 40 percent stronger than the government's previous estimates.
"It looks as if the monthly numbers grossly undercounted the true number of jobs created," said Bernard Baumohl, managing director of the Economic Outlook Group, a Princeton, N.J. research firm.
It's not that the benchmark always revises the number of workers higher. In fact in four of the previous five revisions, the benchmark revision actually lowered the previous payroll count.