Today the Bureau of Labor Statistics released an update to the labor report revising down the number of jobs created by 818,000. US Payrolls Marked Down by Most Since 2009 in Preliminary Data (bloomberglaw.com)
So instead of 2.9 million jobs having been created over the past 12 months, it is likely only 2.1 million jobs were created. This is a 27% difference (not insignificant).
So when the Fed talks about “following the data” perhaps it is not only important to understand What data they are following but How Accurate the data actually might be.
At a time when we have more computing power than ever, I am hopeful that not only can such data be gathered more quickly but, certainly, more accurately.
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