Bureau of Labor Statistics Jobs Revision Shows Obama Created Jobs
The Bureau of Labor Statistics revised its benchmark unemployment numbers Thursday
As a result of the revision, Romney can no longer attack Obama on net job loss for his first term. The Obama administration can now claim an increase of 125,000 jobs rather than a previous estimate of a loss of 261,000 jobs, according to Huffington Post.
Alan Krueger, chairman of the President’ Council of Economic Advisors had this to say:
“The revisions announced in today’s reports are a reminder that economic data are subject to large revisions. As a whole the pattern of revisions suggest that the recession that began at the end of 2007 was deeper than initially reported, and the jobs recovery over the last 2.5 years has been a bit stronger than initially reported, although much work remains to be done to return to full employment."
(Scroll Down to See Video: Romney Hammers Obama on Jobs Creation)
From The Daily Beast:
But how could the numbers change so much? When the Bureau of Labor Statistics reports its jobs figures every month they are estimates. BLS polls a sample of firms and then extrapolates those figures to reflect the experience of all firms. The benchmark revision, on the other hand, is based on extensive data from unemployment insurance records that nearly all firms are required to file.
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