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October 8, 2011

58,0000 is not 103,000

The headlines are blaring 103,000 net new jobs created last month, but that is just wrong because 45,000 were Verizon strikers returning to work.  Those are not “new” jobs and it’s misleading and wrong to include them in net new jobs.  58,000 is how many net new jobs were created in September.  

Talking about the correct numbers is especially important when the other employment numbers are considered:  “According to most estimates, employers need to add 125,000 jobs a month just to keep up with population growth; they need to add at least 200,000 to make a dent in the unemployment rate, which stayed at 9.1% for the third consecutive month,” as the Wall Street Journal noted

So, not only is 58,000 not 103,000.  It is also less than 50% of 125,000 jobs needed each month just to tread water and not increase unemployment more and only about 25% of what we need to begin to bring down the unemployment numbers.  Understood this way, the September employment numbers are a disaster and should be accurately and honestly reported.  

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