Whoa: The 80,000 Jobs Created in June Don't Really Exist?
CNBC drilled down into the June jobs numbers from the Bureau of Labor Statistics. Here is the shocking truth about the figure of 80,000 jobs supposedly created.
The birth-death model, which approximates the amount of jobs gained through new businesses created too recently to be counted in the formal survey, added 124,000 positions, meaning that without the estimation the total count would have been a loss of 44,000.
Watch for the July jobs report period in a few weeks. That's when we're likely to see that June's numbers get revised down, as has been the trend during the Obama era. June may get revised into negative job growth.
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