The U.S. economy created 1.16 million new jobs at the end of last year — not a lackluster 498,000.
The surprisingly bullish U.S. jobs report in January tells us two things. The labor market is not as feeble as it looked. And it’s all but impossible to figure out how many jobs the economy is adding each month in the midst of a pandemic.
The increase in employment in December was bumped all the way up to 510,000 from 199,000. And November’s gain was boosted to 647,000 from 249,000. The revised employment figures “paint a notably different picture of the labor market,” said chief economist Gus Faucher of PNC Financial Services.At the end of each year, the Bureau of Labor Statistics updates the jobs report after examining new Census data and tax records of individuals and businesses. The process results in more accurate employment figures.
The revisions reflect “how much more difficult it is to measure the economy accurately during a pandemic than in normal times,” Adams said.Economists say companies are hiring at a steady pace and more and more people are going back to work. That’s good news for the economy and shows the recovery is quite sturdy.