Government changes defition of "Jobs Created" by the stimulus

[tsetsefly]

From the Times no less: http://www.nytimes.com/2010/02/02/us...cs/02jobs.html

From February to September, the administration had said, more than 640,000 jobs were saved or created. But in the final quarter of 2009, the administration no longer asked recipients whether all of those jobs were actually created or saved by the stimulus money or whether some of those jobs might have existed without the stimulus money.
Instead, it now simply counts all existing jobs paid for with stimulus money as saved jobs, whether or not they would have been lost without the money.
The new, more expansive definition will make it more difficult to isolate the effects of the stimulus law, which is officially called the American Recovery and Reinvestment Act, but should make it easier for states and employers to calculate jobs. But the new definition also means that the new tally of 599,108 jobs reported in the fourth quarter cannot be compared with the earlier figures from 2009.

And I wonder how much the stated numbers are juiced, if the government called itself on it's BS the numbers inflation must of been massive...

[tsetsefly]

Re: Government changes defition of "Jobs Created" by the stimulus

and today:

First-time jobless claims rise unexpectedly

WASHINGTON – The number of newly laid-off workers filing initial claims for jobless benefits rose unexpectedly last week, evidence that layoffs are continuing and jobs remain scarce. The rise is the fourth in the past five weeks. Most economists hoped that claims would resume a downward trend that was evident in the fall and early winter.
The Labor Department said Thursday that new claims for unemployment insurance rose by 8,000 to a seasonally adjusted 480,000. Wall Street economists had expected a drop to 460,000, according to Thomson Reuters.
The four-week average, which smooths fluctuations, rose for the third straight week to 468,750.
The figure is the highest in the past two months. Initial claims dropped sharply in late December, raising hopes among economists that layoffs were nearing an end and the economy would soon start generating net gains in jobs.

http://news.yahoo.com/s/ap/20100204/...jobless_claims

[metalman]

Re: Government changes defition of "Jobs Created" by the stimulus

and today:



http://news.yahoo.com/s/ap/20100204/...jobless_claims

Planned layoffs rise for first time since July: Challenger

WASHINGTON (MarketWatch) -- Planned layoff announcements at major U.S. corporations increased 59% in January, reaching 71,482 from a nine-year low of 45,094 seen in December, according to the latest job-cut tally by Challenger Gray & Christmas.

It was the first month-to-month increase in layoffs since July, the outplacement firm reported Wednesday. The figures are not seasonally adjusted.