Labor Department revisions from the first estimate to the third and final release have added nearly 1 million jobs to the initial releases this year.
But what a difference a couple of months can make.
By the time the BLS was finished with its counting, August had come all the way up to 483,000, more than doubling the initial estimate. September, meanwhile, saw its final revision put at 379,000, nearly doubling the first count.Such wild changes have been commonplace this year. In fact, revisions from the first estimate to the third and final release have added nearly 1 million jobs to the initial releases — 976,000 to be exact, through October.
If the November count keeps pace with the revisions of 2021, the final report should be around 300,000. That would be well below the 11-month year-to-date average of 555,000. However, the past three months have averaged upward revisions of 193,000, meaning that the most recent totals could move considerably higher.
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