from Calculated Risk, unemployment dynamics

October 9, 2010

s part of the employment report, the BLS released the preliminary annual benchmark revision of minus 366,000 payroll jobs. This will be finalized next February when the January 2011 employment report is released. Usually the preliminary estimate is pretty close to the final benchmark estimate.

Percent Job Losses During RecessionsClick on graph for larger image.

This graph shows the impact of the preliminary benchmark revision on job losses in percentage terms from the start of the employment recession.

The red line on the graph is the current estimate, and the dotted line shows the impact of estimated coming benchmark revision. This puts the current payroll employment about 8.1 million jobs below the pre-recession peak in December 2007.

Obama became president at about 24. He didn’t get us in but he hasn’t gotten us out.

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