U.S. revises hiring numbers
The U.S. reportedly created 20 percent more jobs in the economy's third year of recovery than previously estimated, according to The Washington Post
The employment numbers were revised to show the economy added 386,000 more jobs than previously reported, which brings total hiring from April 2011 through March 2012 to 2.3 million. The private sector added more than 453,000 jobs.
A previous government report said the economy added 1.9 million jobs. The latest revision is a result of a thorough analysis involving more detailed data.
For the first time, the economy has reclaimed all the jobs it lost since January 2009, when President Obama entered office. However, Obama's claim that 5.1 million private-sector jobs have been created during his term reportedly ignores the public-sector job losses, as well as the fact that the number starts at the low point in hiring and not the entirety of the president's term.
Additionally, the economy lost 67,000 more government jobs from April 2011 through March 2012 than previously reported, and most public-sector jobs that have been cut have been educator positions. The economy has been adding an average of only 96,000 jobs per month during the past three months.
"The jobs recovery over the last 2 1/2 years has been a bit stronger than initially reported, although much work remains to be done to return to full employment," Alan Krueger, chairman of the Council of Economic Advisers, said in a blog post.
Date : 9/28/2012