[Marxism] » On Those Questionable Jobs Numbers….Again!
lnp3 at panix.com
Mon Dec 9 06:04:41 MST 2019
By Jack Rasmus.
It’s important that readers understand that the monthly jobs numbers
don’t represent actual jobs. They are a statistic. That means the raw
actual number of jobs are not what’s reported. It’s a statistical
manipulation–based on a series of complex assumptions and even more
complex mathematical formula adjustments of the raw jobs data–that gets
reported monthly as the job numbers.
Moreover, the monthly numbers reflect jobs, not actual workers getting
new employment. There may be workers adding second and third jobs,
reflecting the jobs increase, but not actual new employment increase.
The US Labor Dept. claims it captures added jobs by those already
employed, but the numbers suggest its methodology may not be that
accurate. The US labor markets have radically changed since the late
1990s and the BLS methods may no longer be accurate for picking up 2nd
and 3rd jobs. The changes also suggest that maybe the government’s
statistical adjustments for seasonality are not that accurate any more.
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