Big Revisions Are a Reason to Question the Jobs Numbers, Not to Dismiss Them
The New York Times • • business
Key Points:
- The Bureau of Labor Statistics' June jobs report has undergone multiple revisions, initially showing 147,000 jobs added, then 14,000, and most recently a decline of 20,000 jobs, raising concerns about economic slowdown.
- The revisions also revealed that job growth over the past two years was overstated by nearly one million, highlighting significant discrepancies in employment data.
- These large and frequent data adjustments have caused uncertainty among forecasters, investors, and policymakers, questioning the reliability of monthly economic reports.
- Other economic indicators, including inflation, consumer spending, and home building, have also experienced substantial revisions and fluctuations, complicating economic analysis.
- Federal Reserve officials and some economists have expressed concerns over the accuracy of U
