Friday, February 6, 2009

More Unemployed Than Estimated

The Bureau of Labor Statistics released their monthly job situation report today: 598,000 were lost in January and the unemployment rate climbed to 7.6%. This was the largest number of jobs lost in a single month since 1974 and the highest unemployment rate since 1992.

In addition, the BLS massively revised the number of job losses in 2008. Including the most recent report, 3.57 million jobs have been lost since the beginning of 2008. This number would have been closer to 3.2 million without the revisions. The BLS and ADP reports now have a tighter correlation.

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