PRESS RELEASE: EXPERTS CAST DOUBT ON JOBS NUMBERS AFTER SIGNIFICANT REVISIONS IN RECENT MONTHS

FOR IMMEDIATE RELEASE 
December 3, 2021

Contact:
Maddy McDaniel, Communications Director

[email protected] or 914-471-7716

EXPERTS CAST DOUBT ON JOBS NUMBERS AFTER SIGNIFICANT REVISIONS IN RECENT MONTHS

“May just be a measurement error”

“Doesn’t make sense”

“I don’t believe the top line number”

“I’d definitely wait for revisions”

“626,000 jobs had been underestimated in the prior four monthly reports”

WASHINGTON, D.C. — Economists, reporters, and other experts are casting doubt on today’s jobs report after the Bureau of Labor Statistics underestimated job creation numbers by more than 620,000 in the last four months.

Ben White, Politico Chief Economic Correspondent: “I’d definitely wait for revisions on the 210K figure because it doesn’t make a great deal of sense given the rest of the data.”

Jason Furman, Professor at Harvard’s Kennedy School of Government: “Weird jobs numbers. Very strong household survey: unemployment down to 4.2% & labor force participation up as employment up 1.1 million. But the normally more reliable payroll survey shows only 210K jobs added. Some explanations may emerge but it may just be measurement error.”

Derek Thompson, Staff Writer at The Atlantic: “I’m just gonna say it, this jobs report doesn’t make much sense rn and we’ll know more in a month.”

Steve Liesman, CNBC Senior Economics Reporter at CNBC: “In the 25 years I’ve been doing this…I have never said this before: I don’t believe the top line number. We have had a consistent situation of the BLS underreporting the payroll number…they have consistently revised up this number and I’m just not a believer that job growth in the month of November was that weak.”

Sam Stein, Politico White House Editor: “it was a couple weeks ago that we found out 626,000 jobs had been underestimated in the prior four monthly reports. I’m not sure why we continue to treat each BLS report as sacrosanct.”

Ben Casselman, New York Times Economics Reporter: “That weak September figure keeps getting better — revised up another 67k to 379k. October also revised up somewhat to 546k. Good reminder that the November figures being reported today are preliminary and will be revised.”

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