Dept of Labor revised 2012 increase in employent UPWARD by 335,000 -- oops. But that's not all ..
the total employment level at the end of 2012 was stated as 134,021,000 but was revised to 134,668,000 for a difference for the total employed number of 647,000. so, there must have been an understatement in years before 2012. At any rate, the total employment level as previously published, as of Dec 2012, was understated to the tune of 647,000.
The job gains in 2012 were understated 15% (1,835,000 vs revised: 2,170,000). Interesting. Now we know how to adjust DoL employment change numbers. Going by their recent track record they understate the actuals by about 15%.
http://www.bls.gov/news.release/empsit.nr0.htm
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Media Matters shows that with the new corrected numbers for jobs growth, the difference in the job gains for the private sector and the job losses for public sector is even worse. Private sector gains since the bottom of the Trickle Down Deregulation Disaster:
"The private economy has added 4,968,000 net jobs since the economy began growing again, and the public sector has lost a net 721,000 workers in that same period."
... this is a measure of the Republican War on Obama and on the livelihoods of millions of Americans.
http://mediamatters.org/blog/2013/02/01/on-jobs-media-have-a-choice-cover-the-costs-of/192496
= new reply since forum marked as read
long term unemployed who are simply not counted in any of these optimistic numbers. Add the fact that there is absolutely no JOBS program on the radar screen, and we may have a more realistic view of where we are headed.
The status quo is the new normal, the same issues will be facing us for some time to come, not to mention the insistence of imposing austerity measures to reel in spending is having a negative impact on jobs & everything else.
Taken from your mediamatters link:
These numbers demonstrate that government austerity has lopped nearly 15 percent off private-sector job growth over the course of the recovery. The news comes on the heels of the Bureau of Economic Analysis' report that a collapse in government consumption helped put the economy into reverse last quarter, despite strengthening private-sector components of GDP. On his blog, Nobel Prize-winning economist Paul Krugman notes that President George W. Bush's recovery benefited from steadily increasing government consumption. But with the Tea Party movement and the attendant focus from conservatives on reducing deficits, President Obama's recovery has been hampered by steadily falling public-sector consumption for the past two years.
Even without growing government's direct contributions to demand -- just by keeping them flat for the past two years -- the economic recovery would look much stronger. America would be hitting a recovery milestone, with 5,000,000 new jobs since the recession ended, if not for the deficit hawks. Their success in pushing austerity prematurely into the policymaking conversation has cost even more public-sector jobs than previously thought, while private-sector growth has been much more robust.
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Check this link for more info on why this stagnation is far from over & may not be taken into account in some projections.
http://www.economicpopulist.org/content/never-ending-little-changed-unemployment-figures-january-2013
The GOP's push for debt reduction & our own party's effort to reduce debt is not the way to go. We have been told time & time again by economists, but the info does not seem to be breaking into the bubble. Status quo and obstruction is killing the American dream, and it is seemingly becoming embrace by both sides in gov't. This is not the time to worry about the debt. A major JOBS program should be front and center, but it simply is not.
