Revision was the watchword in the September jobs report. For August, the Bureau of Labor Statistics reported a statistically insignificant decline of 4,000 in non-farm payrolls, prompting the New York Times to run the headline, "Unexpected Loss of Jobs Raises Risk of Recession." Not for the first time, and probably not for the last, the loss of 4,000 has now been revised to a gain of 89,000. Imagine the corrected headline: "Unexpected Upward Revision in Jobs Raises Risk of No Recession."Read the rest here.
Tuesday, October 09, 2007
Unexpected Upward Revision in Jobs Raises Risk of No Recession
Gene Epstein writes at barrons.com: