Why are the monthly jobs reports so wrong?
How is it possible that the Bureau of Labor Statistics’ monthly jobs reports are consistently off by 20%+???
The April report just dropped, and March’s numbers were revised down by 43,000 jobs. February’s numbers were revised down another 15,000 jobs after being slashed by 34,000 in March đ
So, 92,000 fewer jobs than initially stated. Oops!
I’m terrible at math, but I think that’s approximately a 26% inaccuracy.
I used to chalk it up to political maneuvering, but regardless of which party is in power, we see major downward revisions almost every single month, with seemingly no rhyme or reason.
After tracking this for several years now, I can only conclude that the formula used to calculate these numbers is completely broken.
Bureau of Labor Statistics – what are we doing??? These reports are massively influential, so either fix the methodology or just scrap the report completely.
Ron Reed, CPRW
Owner of Long Islandâs #1 Resume Writing Service and Certified Professional Resume Writer
