Revisions to Past Data Paint Better Picture
The headline figure on U.S. net jobs creation in October, as recorded in the latest Bureau of Labor Statistics (BLS)’s Employment Situation report, was a rather tepid +128,000. But as has occurred on several other recent occasions, there were significant revisions to past data that brighten the picture considerably.
A month ago, September’s total employment count was reported as 151.722 million. Now, September is being estimated at 151.817 million, or +95,000. Therefore, October’s jobs number of 151.945 million is +223,000 when compared with what was originally reported for the prior period.
Nevertheless, there has been a deceleration in U.S. jobs growth this year. The monthly average increase in employment through the first three quarters of 2018 was +226,000. From January through September of 2019, the monthly average gain has been +167,000, a reduction of one-quarter (-26.0%).
