US Economy Created More Jobs Than Previously Estimated
(WASHINGTON) -- The Bureau of Labor Statistics (BLS) released an early look at its annual “benchmark revision” on how many jobs were added in the U.S. economy.
It turns out that 386,000 more Americans had jobs in March 2012 than previously believed. The private sector added 453,000 more jobs than previously estimated.
These revisions come out every year as BLS gathers more comprehensive data, and covers twelve months ending in March of the current year.
Thursday’s revisions are not dramatic and do not show the economy to be in vastly better shape than previously believed.
In the past, though, things have turned out to be much worse than previously believed. In 2009 and 2010 the data showed that 1.3 million more jobs were lost than previously estimated.
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