The official increase in the number of jobs since last month, December 2012, is 157,000.
That seems.... unimpressive. But the big news is in the adjustments.
That seems.... unimpressive. But the big news is in the adjustments.
Preliminary estimates from November and December revised up.
First of all, estimates for November and December were revised up sharply. From the BLS' monthly report:
First of all, estimates for November and December were revised up sharply. From the BLS' monthly report:
The change in total nonfarm payroll employment for November was revised from +161,000 to +247,000, and the change for December was revised from +155,000 to +196,000. Monthly revisions result from additional reports received from businesses since the last published estimates and the monthly recalculation of seasonal factors. The annual benchmark process also contributed to these revisions.
The November/December revisions added 127,000 jobs to the coffers.
Benchmarks
Benchmarks
Second, the benchmark process, which is mentioned above, added about 520,000 jobs in total. This was more than was estimated back in September.
Then in January..
Then in January..
Then we added 157,000 jobs from December to January.
Add It Together..
Add It Together..
So.. add it together, and we have 804,000 more jobs now than we THOUGHT we had a few months back (and than the number reported in December). All of these "extra" jobs were in the private sector, which has 865,000 more jobs than we THOUGHT we had in September and than were reported in December 2012. (The number of government jobs at all levels of government (federal, state, and local) was revised downward.)
But 800,000 is a big jump in the number of jobs, even though January's report was middling.
We've added 600,000 jobs the last three months. That equals 200,000 a month. We need about 70,000 new jobs to keep up with population growth. Anything above that goes into recouping the "jobs deficit" that we incurred in 2008 to 2010.
There's much, much more in the jobs report, of course, so check back for more graphs and data later today and over the weekend. Here are a few things we'll be looking at:
But 800,000 is a big jump in the number of jobs, even though January's report was middling.
We've added 600,000 jobs the last three months. That equals 200,000 a month. We need about 70,000 new jobs to keep up with population growth. Anything above that goes into recouping the "jobs deficit" that we incurred in 2008 to 2010.
There's much, much more in the jobs report, of course, so check back for more graphs and data later today and over the weekend. Here are a few things we'll be looking at:
- How many more jobs since Obama was inaugurated?
- What was the unemployment rate when Obama was inaugurated compared to now?
- How does private job growth look on a graph?
- How many jobs gained/lost in 2012?
- The number of "raw" jobs and the impact of seasonal adjustments.
- The unemployment rates of the various subgroups.
- Full vs. part-time workers.
More reports throughout the day and the weekend!
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