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Those Strange Jobs Numbers
Tweet Share on Facebook October 11, 2006 Comment (14)It was the big twist in last week's so-so jobs report. Labor Department number crunchers said they had–oops!–undercounted by a whopping 810,000 the number of jobs created by the U.S. economy for the 12 months ending in March 2006. That means nearly 3 million new jobs were created instead of just over 2 million. So what does the megarevision–the biggest ever in terms of absolute numbers–really mean? To get some insight, I shot an E-mail to Diana Furchtgott-Roth, a former chief economist at the Labor Department and currently director of the Hudson Institute's Center for Employment Policy in Washington, D.C.
