NewsMine — economy — united-states — 2006-sep-dec — Viewing Item

Labor debt revises job numbers suspiciously { October 7 2006 } Original Source Link: (May no longer be active)    http://www.dailyherald.com/business/story.asp?id=236127 http://www.dailyherald.com/business/story.asp?id=236127 Job numbers increase; new workers found Reuters Posted Saturday, October 07, 2006 WASHINGTON, D.C. — U.S. employers added just 51,000 jobs in September, far below market expectations, according to a government report on Friday that showed weakness in construction, manufacturing and retail. The closely watched report on nonfarm payrolls from the Labor Department also showed the unemployment rate dipped to 4.6 percent from 4.7 percent in August. The 51,000-job gain in September was the weakest since October 2005, when only 37,000 jobs were added following Gulf Coast hurricanes. Wall Street economists had forecast nonfarm payrolls to expand by 125,000 workers last month, according to a Reuters poll last week. In other jobs news, August payrolls were revised up to a gain of 188,000 from an originally reported 128,000, while July was revised to a gain of 123,000 from 121,000. In addition, the U.S. jobs picture may have been better than first estimated from April 2005 to March 2006, according to the new Labor Department estimates. Preliminary tabulations of employment from state unemployment insurance tax reports show the estimate for total nonfarm payroll employment in March 2006 will require an upward revision of about 810,000 people, or six-tenths of one percent, said Philip Rones, acting commissioner of the Bureau of Labor Statistics. That means for the 12 months up to March 2006, there likely were more workers on the payrolls than first counted. This will be the biggest benchmark revision since the department began making them in 1991. Officials at the BLS, the Labor Department’s statistical arm, said they are still researching the discrepancy. “The historical average for the benchmark revision over the prior 10 years has been plus or minus two-tenths of one percent,” Rones said. “BLS currently is researching possible sources for this larger-than normal expected revision.” Each year, BLS officials readjust their estimates by benchmarking them to comprehensive counts of employment during the month of March gathered from state unemployment insurance tax records that nearly all employers are required to file. According to the BLS, the difference between the current employment figures and this latest count does not appear to be concentrated in any one industry or region.

11 million americans hungry { October 2006 } Army may force goodyear workers to end strike Aug 2006 job numbers revised up { November 4 2006 } Contradictory employment numbers released { October 6 2006 } Dollar plunges to 15 year low { October 2006 } Dollar slides as US business slows { November 30 2006 } Economy in recession according to report { July 2006 } Ford buys out 75k jobs { August 2006 } Ford pays workers to quit { September 15 2006 } Gas prices down but core inflation up { September 2006 } Inflation highest jump in 30 years { November 2006 } Insider CEOs cashing stocks out { December 7 2006 } Labor debt revises job numbers suspiciously { October 7 2006 } Manufacturers cant find skilled american workers Manufacturing loses 39k jobs in august { November 4 2006 } Manufacturing shrinks for first time in 3 years { December 1 2006 } November ends with further dollar decline { October 2006 } Sharp slide in dollar during thanksgiving holiday { November 24 2006 } Stagflation and inflation at uncomfortable levels { September 28 2006 } Stocks tumble on fears of fed rate hikes { August 2006 } US trade deficit soars to record { November 2006 } Wholesale prices inflation surge in november { November 2006 } Files Listed: 22

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