The headline numbers from today’s jobs report were just OK, but if you dig beneath the surface, there’s some good news.For one thing, unemployment fell from 9.1% to 9.0% and U-6 (which includes discouraged workers) dropped from 16.5% to 16.2%.
But that’s not the real good news.
The real good news is the past upward revisions.
Last month’s headline report of 103K has been revised higher to 158K.
And August — the month when we originally got that goose-egg on jobs — is now up to 104K.
As Tony Fratto has pointed out, past headline revisions are very important, since they imply that the models the BLS is using are behind the times, not anticipating how good things actually are. It’s not unreasonable to assume that this month will be revised higher as well.
So again, not amazing, but far from a disaster.