The Horrible Jobs Numbers: Actually Not That Bad?

Here’s some counterpoint for you on today’s hideous jobs number. The New Yorker’s James Surowiecki says they weren’t actually that bad, arguing that:

  • 30,000 of the lost jobs can be attributed to the Boeing strike. That’s now over.
  • By revising September downward to 300,000 lost jobs, the headline October number of 240,000 is actually a month-over-month improvement.

Clever. Of course, next month we’ll be getting a revision to the October number, and if we had to guess which way it’ll be revised, well we’d have to guess downward. Surowiecki acknowledges the October data could easily be inaccurate.

If October was actually better than September, that’s great, but we’d have a hard time seeing how or why that could be.

See Also:

The Entirely Predictable (But Still Horrific) Jobs Number

October Job Report Hideous: 6.5% Unemployment, -240,000 Jobs

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