Data Revision Confirms Weak Jobs Picture

[phillybri]

http://story.news.yahoo.com/news?tmpl=story&cid=568&e=3&u=/nm/economy_jobs_revision_dc

WASHINGTON (Reuters) - A warning by the U.S. Labor Department (news - web sites) that it expects to revise down past employment data pours cold water on the view of some economists who believed the jobs market had been improving for some time, analysts said on Friday.

Statisticians at the Labor Department said they expect to revise down U.S. payroll employment by about 145,000 for the March 2003 reference month -- effectively showing even greater weakness in the sluggish labor market than previously thought.


The downward adjustment surprised Wall Street, which had been rife with speculation this week that Labor would adjust the figures up, bringing payrolls more in line with another survey which has shown a recent improvement in the job market.

[CheshireCat]

1. Just like these clowns

One day we have headlines: Job Market Improves

Next week we have a small item on page 10f: Labor Department revises figures and find job market gets weaker.

Which will the sheep remember?

[wakfs]

2. Exactly

However, the people out of work who can't find jobs and the people who fear that their jobs will be eliminated know the REAL truth.

[RUMMYisFROSTED]

3. Why the Wall St. surprise?

The unemployment numbers have been revised upward every quarter.

:shrug:

[TahitiNut]

4. Duplicate

Already posted here:
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=150665

I'm locking this thread. Interested DUers are welcome to continue discussing this in the referenced thread.

Thank you for your understanding and cooperation,
TahitiNut - DU moderator