When the "new job creation" numbers get announced...

[chicagojoe]

... do these figures include jobs created by US firms doing business overseas ? Just curious.

[Robbien]

1. It isn't supposed to but

The BLS calls each company on its list and asks for the number of jobs created in that company. If the company has foreign outsourced worker jobs on its books how would we know?

But the real deceit in the numbers is that beginning with March the BLS started to use a multiplier factor of jobs it thinks should have been created but not reported. The multiplier factor is based on increases in population. Of the million or so jobs reported created since March, over seven hundred are these phantom jobs.

[tritsofme]

2. That model has been used in its current form since March 2003 nt

[Robbien]

3. Yes, but it has only been since March of this year

that applying that formula created over 65% of the jobs created. The BLS is putting a heavier weight on the jobs created by the "self-employed".

[tritsofme]

4. To my knowledge, there has been no change in the formula

as of March 2004.

Also, I believe that the number from the model is not compatible with the seasonally adjusted payroll number that is released each month.

[deacon]

5. They just never include the layoff projections, X amount of layoffs...

...gradually by companies. It offsets these "new" job creations.

[tritsofme]

6. Why would you include projections

in a jobs report for a specific month?

The number reported is the net amount of jobs created or lost.