According to new revisions released today by the Bureau of Labor Statistics, the economy created 386,000 more jobs between March 2011 and March 2012 than shown by previous estimates. As economist Justin Wolfers noted, this means that President Obama is now net positive for job creation over his term in office, even taking into account the massive losses in January 2009:
The Economist’s Greg Ip noted that the revisions mean that Obama’s net job creation number is now 125,000:
The new numbers — which are based off of unemployment insurance reports that employers submit to the federal government — show that 453,000 more private sector jobs were created than shown by previous estimates, meaning Obama’s net private sector job creation total is now 868,000. Government jobs, meanwhile, shrank by an additional 67,000.
The BLS benchmark revisions means that there has been a net jobs gain since Jan ’09. Romney can no longer talk about job losses under Obama.
— Justin Wolfers (@justinwolfers) September 27, 2012
BLS Benchmark revisions mean that over the year to March 2012, the economy was adding 194k jobs per month, not 162k as previously thought.
— Justin Wolfers (@justinwolfers) September 27, 2012
The Economist’s Greg Ip noted that the revisions mean that Obama’s net job creation number is now 125,000:
Incorporating today’s BLS revision, net payroll growth over Obama’s term would move from -261K to +125K.
— Greg Ip (@greg_ip) September 27, 2012
The new numbers — which are based off of unemployment insurance reports that employers submit to the federal government — show that 453,000 more private sector jobs were created than shown by previous estimates, meaning Obama’s net private sector job creation total is now 868,000. Government jobs, meanwhile, shrank by an additional 67,000.
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