A government-insider type e-mails:
While this may be a little bit inside-baseball-y, you can argue that jobs actually rose about 330,000, as per the latest report from the Labor Department. A portion of the September report (that the media will probably ignore) points to benchmark revisions that BLS does every year to its payroll employment estimates. Without getting into any of the details, the revision this year will add about 236,000 jobs to the estimate. Technically, it will be added to the March 2004 jobs estimate and not be incorporated in the jobs report until February 2005.
Just as a side note, it’s been said that the July-August increase in jobs dropped from 144,000 to 128,000. The job estimates for any month are revised twice after they’re originally reported, so both July and August estimates were revised in this latest report. July was revised up by 12,000, while August was revised down 4,000. So while it might look like jobs were lost, there is actually a net increase of 8,000.
And just a final note — as your eyes glaze over: With this report the July job estimates are considered final. When it was originally reported, the
June-July increase in jobs was 32,000. Looking at the final revised estimates, job growth between June and July was 85,000.