At the end of the BLS’s jobs report, this part stands out:
The change in total nonfarm payroll employment for September was revised from-219,000 to -139,000, and the change for October was revised from -190,000 to -111,000.
Backwards revisions aren’t just interesting. All government data, especially numbers collected in real time, involve trends and statistical analysis. When you see backwards revisions like this, it means all of the governments estimates are behind the curve, and that the real data is much better.
It’s possible that if this months’ meager 11,000 jobs lost number is revised, we may have actually seen job creation this month, which would be mindblowing.
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