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113 comments on A New World Model Including Energy and Climate Change Data

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mcgowanmc on April 4, 2009 - 9:30am Permalink | Subthread | Parent | Comments top

Who are they trying to kid?!

Anyone saying that growth now is impossible.

Robert Barbera, the chief economist of ITG, points out a more disturbing trend: The Labor Department keeps concluding that its initial estimates were too optimistic.

Here are the total job losses reported for recent months, as originally reported and as shown in the latest revisions.

August 2008: Initially 84,000, revised to 175,000
September 2008: Initially 159,000, revised to 321,000
October 2008: Initially 240,000, revised to 380,000
November 2008: Initially 533,000, revised to 597,000
December 2008: Initially 524,000, revised to 681,000
January 2009: Initially 598,000, revised to 655,000
February 2009: Initially 651,000, as released today.

On average, from August through January, the first estimate was too optimistic by 112,000 jobs.

http://globaleconomicanalysis.blogspot.com/

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mcgowanmc on April 4, 2009 - 9:31am Permalink | Subthread | Parent | Comments top

Inquiring minds are now investigating the BLS March Employment Report for additional revisions.

Sure enough there were more revisions. However, instead of revising the February data, the BLS revised the January data a second time as follows.

The change in total nonfarm employment for January was revised from -655,000 to -741,000, while the change for February remained -651,000.

http://globaleconomicanalysis.blogspot.com/

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113 comments on A New World Model Including Energy and Climate Change Data

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