The Bureau of Labor Statistics reported that job losses are far worse than previously reported, according to the New York Times. With new data, the bureau estimates that during the 12 months ended last March, the economy lost 5.6 million jobs, 824,000 more than the 4.8 million previously reported. Victoria Battista, an economist at the Bureau of Labor Statistics, tried to explain how the bureau made such an error, saying the bureau was looking at whether that model needed to be changed, as well as at other possible issues, such as changing response rates to the questionnaire sent out to employers each month.
Job Losses Worse Than Originally Reported
Original estimates did not correctly reflect the severity of job losses–today’s numbers prove the job market suffered far worse than previously reported.
October 5, 2009