Receive daily articles & headlines each day in your inbox with your free ERE Daily Subscription.

Not logged in. [log in or register]

U.S. Has More Jobs Than Initially Thought

by
John Zappe
Sep 28, 2012, 4:23 pm ET

If you suspect it’s getting harder every month to recruit the talent you need, the government says you could be right. The U.S. Bureau of Labor Statistics revised up by almost 400,000 its count of the total jobs in the nation.

The private sector created 452,000 more jobs than was reported in the monthly counts announced by the U.S. Department of Labor. Government payroll cuts reduced the total job gain to 386,000. The monthly report for September will be released October 5.

Most of the industry sectors were revised up. On a percentage basis, the biggest increases were in information services (a category that includes telecommunications, publishing, and IT among others), construction, and mining and logging (largely due to the petroleum industry hiring). Manufacturing lost 25,000 jobs and the professional and business services sector (which includes temporary hiring) dropped 14,000 jobs.

Annually the Bureau of Labor Statistics revises its job counts, using state unemployment insurance tax records required of virtually all companies. The upward revision applies to the period April 2011 to March 2102, meaning that at the end of March the economy had 133.24 million total non-farm people working. The revision represents a .3 percent adjustment to the national count, which is consistent with the revisions over the last 10 years. Just a few years ago, the bureau revised down its job count by some 900,000 jobs.

“The recovery,” said Justin Wolfers, an economics professor at the University of Michigan, “was not as disappointing as we thought. It was on much firmer footing.”

In a different report, the Department of Labor said initial claims for jobless benefits dropped 26,000 to 359,000 for the week ending September 22. It’s the lowest count since 357,000 claims were filed for the week ending July 21. It was also well below the median estimate of 375,000 new filings that economists in a Bloomberg survey had forecast.

This article is provided for informational purposes only and is not intended to offer specific legal advice. You should consult your legal counsel regarding any threatened or pending litigation.

  1. 5 Things You Need to Know This Week… | Fistful of Talent

    [...] U.S. Has More Jobs Than Initially Thought. The Bureau of Labor Statistics has revised their most recent job count and is now reporting that [...]

  2. Economists Cautious About September Jobs, While ADP Estimates 162,000 - ERE.net

    [...] Annually, the Bureau adjusts its counts, based on tax records. A preliminary adjustment report issued last week says there was a 386,000 undercount last [...]

  3. Rajpreet Heir

    With the increased competition in finding top talent, having a stellar and quick hiring process is crucial right now. Add that to the power people have with social media and the candidate has more influence now than ever. To stand out, companies need to work to tailor their interview process to accommodate candidates in every way.

Post a comment

Please log in to post a comment.

Note: You need to sign up for an account on our new commenting system if you haven't already done so — even if you have an existing ERE account. Find out why »

Login Information