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New jobs created for the month of August came in at 96,000. The experts estimated that number would be 140,000. So much for the experts. June’s Job Report was revised down from 80,000 to 64,000 jobs created. July’s likewise was revised down from 163,000 to 141,000. So in two months we have a miscalculation amounting to 38,000 jobs. If we question these revisions they tell us that they keep changing because it is a fluid situation and they just can’t keep up with it.
Approximately 2 billion shares of stock are traded on the New York Exchange daily. There are about 6000 different companies on the NYSE and trades are being made all around the world, yet these numbers are calculated accurately to the second. With these jobs numbers we are looking at the simplest of calculations and yet the discrepancies run into the thousands and they are not discovered until a month later.
The number of Americans whom the U.S. Department of Labor counted as “not in the civilian labor force” in August hit a record high of 88,921,000.
The Labor Department counts a person as not in the civilian labor force if they are at least 16 years old, are not in the military or an institution such as a prison, mental hospital or nursing home, and have not actively looked for a job in the last four weeks. The department counts a person as in “the civilian labor force” if they are at least 16, are not in the military or an institution such as a prison, mental hospital or nursing home, and either do have a job or have actively looked for one in the last four weeks.
