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Most of the revisions since the recession have been upward. Economists say that's a good sign because it points to an underlying trend. An upward revision suggests that the late-responding companies added more jobs than the department had expected. It also implies that any corrections submitted by companies were also larger. By contrast, during the recession, most of the revisions were downward. In 2008, the average revision was 73,000 lower. And in 2009, some months were much worse: the department initially thought 598,000 jobs were cut in January of that year. That has since been revised to a whopping 821,000. Some numbers that were initially eye-catching became more ho-hum. For example, the August 2011 employment report was depressing. With the unemployment rate at 9 percent, the government said the struggling economy had added precisely zero jobs that month. The zero figure had a political impact: Some Republicans dubbed President Barack Obama "President Zero." The critics should have waited for the revisions: The department now estimates that 132,000 jobs were added in August 2011. That's still not healthy. But it's a lot better than zero. April's gain of 165,000 jobs, meanwhile, is a solid increase. But then it hasn't been revised yet.
[Associated
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