Our national economy may be doing better than we thought. Despite a disappointing state unemployment report from DES last week, we got a jolt of good news this morning on the national economy, with the release of new numbers by the US Bureau of Labor Statistics that showed that the US labor market created 386,000 more jobs last year than we originally thought. And as a result, the new numbers make it clear that the national labor market has now replaced the jobs lost since January 2009 and moved into positive territory to the tune of 125,000 net jobs created.
As an interesting side note, these new numbers include 453,000 additional private sector jobs offset by the loss 67,000 more government jobs than anticipated, once again demonstrating how public sector spending cuts and employee layoffs are reducing the gains in private sector job growth.
So where did these new jobs gains come from? Every March, the BLS conducts an exhaustive “benchmark” analysis of the Current Employment Survey to ensure that its monthly employment figures are accurate. Usually, there’s some discrepancy between its monthly jobs numbers and the actual totals as revealed by the benchmark analysis, and this year is no different. The benchmark analysis revealed that the monthly projections had understated positive job growth by about 32,000 jobs and that the actual number of total nonfarm jobs in the United States was actually 0.3% higher than predicted by the monthly numbers—a discrepancy not out of line with previous years.
For more details see the BLS statement, but the news is unambiguously positive for the direction of the nation’s economy.