Labor Dept. says it underestimated job growth - Economic Report - MarketWatch
The initial estimates of private employment suggest an upward
revision of 453,000. This includes an additional 85,000 jobs in
construction, and 145,0000 to trade, transportation and utilities. Read the complete government report.
There were some downward revisions as well, including 25,000 fewer manufacturing jobs and 67,000 fewer government jobs.
“We have found that annual benchmark revisions tend follow the
business cycle, and an upward revision of 386,000 is in line with the
solid but not spectacular GDP growth so far in 2012,” said Cooper Howes,
an economist with Barclays Capital, in a note to clients....
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