Subject: Re: US Jobs Report - revised down 818,000
Well, that explains it. We are idiots.

I'd point to privacy concerns. Do we really need to poke that deeply into everyone's business just to collect statistics on employment? The less intrusive surveys are generally not that bad. This was one of the larger annual adjustment in recent history.

Putting it into perspective, the previous estimate of employment was 160 million as of a few months ago. This adjustment (which is still an estimate) makes that figure 159.2 million. So the estimate of total employment was off by 0.5% compared to this newly revised estimate.

--Peter