The United States Bureau of Labor Statistics (BLS) announced on Thursday in its annual Current Employment Statistics (CES) – Preliminary Benchmark Announcement that as of March 2012 for the year prior the U.S. economy had actually created almost half a million more private sector jobs than previously reported on the monthly Employment Situation Summary labor reports.
The report stated that there was a total increase of 386,000 jobs, with 453,000 jobs more jobs created in the private sector and 67,000 more jobs lost in the public sector than initially thought during the period from March 2011 to March 2012.
This latest economic data is good news for the Obama administration’s re-election hopes, as the Republican-controlled Congress has done all it can to continually stifle and obstruct any chance at economic strengthening for the country in order to dim the President’s chances at a second term.
According to Alan Krueger, Chair of the White House Council of Economic Advisors, the latest employment data means that during the last 30 months approximately 5.1 million net private sector jobs have been added to the economy.
In the White House blog, Krueger added,
“Today’s news shows that we must do more to strengthen our economy and promote job creation. Over a year ago, President Obama proposed the American Jobs Act – a plan that independent economists have said would create up to 2 million jobs. The President will continue to push policies that will continue this progress we have made, including incentives to strengthen the American manufacturing industry, investments in our nation’s infrastructure, and the extension of the tax cuts for 98 percent of Americans and 97 percent of small businesses.
“…The revisions announced in today’s reports are a reminder that economic data are subject to large revisions. As a whole the pattern of revisions suggest that the recession that began at the end of 2007 was deeper than initially reported, and the jobs recovery over the last 2.5 years has been a bit stronger than initially reported, although much work remains to be done to return to full employment.”
Following is a breakdown of the revised benchmark’s additional jobs by sector:
- Mining and logging: +12,000
- Construction: +85,000
- Manufacturing: -25,000
- Trade, transportation, and utilities: +145,000
- Information: +51,000
- Financial activities: +47,000
- Professional and business services: -14,000
- Education and health services: -1,000
- Leisure and hospitality: +99,000
- Other services: +54,000
- Government: -67,000
The final CES – Benchmark Announcement will be released on February 1, 2013.
September’s Employment Situation Summary will be released on Friday, October 5, 2012.