The government released preliminary figures for the annual adjustment for the number of jobs across America. In the private sector, some 224,000 jobs were eliminated. It's not that there were jobs and people were fired. No, these 224,000 jobs were included among those that the government statistics said were there, but on closer examination, it turns out that these jobs never existed at all. Meanwhile, the revision also found that there were 74,000 more government jobs than previously indicated.
Think about what this means. For the private sector, 224,000 jobs is more than were "created" in a good month according to the government, but now they are gone and never existed. Simply put, it means that the statistics put out each month by the government are almost meaningless. This is not just an "adjustment". It is more an indication that the people compiling the numbers for the government have no clue what they are doing. It's the equivalent of boarding a flight to Chicago and ending up in Milwaukee because the pilot thought it was close enough to the goal.
One last thought: there's no surprise that the "adjustment" is downward. One does have to wonder just how much the monthly announcements are pumped up to make Obama look good.
Think about what this means. For the private sector, 224,000 jobs is more than were "created" in a good month according to the government, but now they are gone and never existed. Simply put, it means that the statistics put out each month by the government are almost meaningless. This is not just an "adjustment". It is more an indication that the people compiling the numbers for the government have no clue what they are doing. It's the equivalent of boarding a flight to Chicago and ending up in Milwaukee because the pilot thought it was close enough to the goal.
One last thought: there's no surprise that the "adjustment" is downward. One does have to wonder just how much the monthly announcements are pumped up to make Obama look good.
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