Shouldn’t We Have Learned This About the BLS Numbers?

We have a mere 210,000 new jobs created in November, according to statistics released this morning by the Bureau of Labor statistics. It’s another “disappointing” number, well below Wall Street estimates. But as we noted a couple weeks ago and Philip Bump reminds us this morning, we should expect that the number is actually much higher, probably dramatically higher. So far this year every month but one has been revised higher after the fact, often by magnitudes far greater than in the history of counting this number. September was initially 194,000. Now it’s revised to 379,000. August was initially 235,000. Now it’s revised to 483,000. A number of other months have been upward revised by 100,000 or more.