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Thursday, October 07, 2010

Job losses in 2009 likely bigger than thought | Reuters

What are the implications for us applied economists who use national, regional, or local unemployment rates as reported by the government?


The Labor Department on Friday will give an initial estimate of how far off its count of employment may have been in the 12 months through March. The government admitted earlier this year that its count through March 2009 had overstated employment by 902,000 jobs.


If there is systematic measurement error injected into the unemployment numbers for political reasons, this would be horrible. If there is systematic measurement error injected into the unemployment numbers because we only have recessions as great as the one we have had/are in every fifty years or so, then that is bad but not as horrible. I suppose we hope that the Bush/Clinton doucracy didn't fudge the numbers as well?

Job losses in 2009 likely bigger than thought | Reuters

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