Washington Post: The government dramatically underestimated job growth this summer
Berry Craig
Initial reports underestimated job growth by a cumulative 626,000 over four months
By ANDREW VAN DAM
The government sharply underestimated job gains for most of 2021, including four months this summer in which it missed more job growth than at any other time on record.
In the most recent four months with revisions, June through September, the Bureau of Labor Statistics (BLS) reported it underestimated job growth by a cumulative 626,000 jobs — that’s the largest underestimate of any other comparable period, going back to 1979. If those revisions were themselves a jobs report, they’d be an absolute blockbuster.