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More NFP: Worse than Reported

Posted on April 07, 2008

This weekend, we noted that in terms of job creation, the 2002-07 post-recession recovery was the very worst in the post-WWII era. This was in response to the pundit commentary that job losses aren't nearly as bad today as the 2001 mild consumer-led recession. Since so many t-heads want to compare the two cycles, let us hasten to point out a critical difference between the two: Birth/Death Adjustment.As we have discussed ad nauseum, prior to 2002, the B/D adjustment had a minor impact on total BLS reported job creation. Since 2003, the B/D adjustment has been part and parcel to BLS' Current Em...

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