Econintersect: The BLS (U.S. Bureau of Labor Statistics) reported today (February 4, 2011) that there were actually 215,000 less jobs on non-farm payrolls in 2010 than initially reported. Last week the data, before the correction, indicated that 1,167,000 total non-farm payroll jobs had been added in 2010. This week the number has been reduced to 948,000.
The new numbers indicate that private payrolls gained 1,177,000 jobs in 2010, while government payrolls were reduced by 239,000.
The adjustment to the 2010 payroll data is the result of a once a year update of the data to incorporate numbers that are submitted months after the original estimates were made. This is done for each year and announced in the first quarter of the following year. While further adjustment can be made by the time the next monthly Employment Situation report is issued the first Friday in March when the adjustment is finalized, it is not likely that there will be any significant change from what was announced in this month.
While a correction of 215,000 seems like a large number, it is far less than the adjustment for 2009 made one year ago, which was in excess of 800,000. The 215,000 adjustment is 0.17% (17/100 of 1%) of the approximately 130,000,000 non-farms payroll total.
Sources: GEI Analysis and BLS Employment Situation Report, Feb. 4, 2011
