Here's why the prior Jobs Report numbers were wrong by over half a million:
It's been reported that it's hard for them to secure new jobs. If the job market was at record highs either the companies would keep their older workers or these people would easily find new jobs due to the pent-up demand.A new job is created when a position is moved from New York City to Raleigh, North Carolina. The NYC person who is earning a large salary loses her job and the young person in North Carolina gets a fraction of the what the other person previously earned.
If the government relies upon household surveys, it seems antiquated and completely unreliable. How often do you answer your landline? Do you even have a landline? When was the last time you took the time to answer a phone survey by the government? The survey system seems ripe for messaging the numbers to make things look good.Many people elect to retire earlier than they would like because of lack of appropriate opportunities available to them.
The Labor Department uses something called a Birth/Death Model. They assume the amount of jobs created when a new company commences business and the number of jobs lost when a company closes. These is not based on actual data, but on black-box assumptions. This seems highly questionable and ripe for playing with the models to make things look better than they are.
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