Unemployment Figures Revised Again
Sep 09, 2009
Remember when we were told that the July unemployment rate went down from 9.6% to 9.4%, and everyone got hyped about the "end of the recession"?
Well, as usual, the figures needed revision. That revision has finally come out, and once again--you guessed it--the situation was worse than first reported. Isn't it always? They had reported "only" 247,000 jobs lost in July, but now the figures have been revised to 276,000.
It would be nice to overestimate the job losses once in a while. That would give them some badly needed credibility. But they know that revised figures are "old news" that no one cares about, once the next month's manipulated figures are in.