Friday, October 2, 2009
For what it's worth, I thought I would re-post this chart with today's revisions to the BLS jobs data. Job losses per the BLS had been running lower than the ADP data for the past several months, but with today's unexpectedly large loss, and upward revisions to prior losses, the two series are reflecting nearly identical moves so far this year. So what happened today was not a worsening of the jobs situation, but a narrowing of the gap between two competing measures of jobs. I see nothing in this chart to suggest that these two measures of jobs won't continue to show improvement in the months to come, albeit in an irregular fashion.
Posted by Scott Grannis at 6:34 AM