Jan | 143526 | 146552 | 3026 | 608 | 566 | ||
Feb | 144134 | 147118 | 2984 | 956 | 517 | ||
Mar | 145090 | 147635 | 2545 | 677 | 952 | ||
Apr | 145767 | 148587 | 2820 | 631 | 762 | ||
May | 146398 | 149349 | 2951 | 706 | 296 | ||
June | 147104 | 149645 | 2541 | 161 | 77 | ||
July | 147265 | 149722 | 2457 | -618 | -494 | Teachers laid off | |
Aug | 146647 | 149228 | 2581 | 294 | -248 | ||
Sept | 146941 | 148980 | 2039 | 995 | 736 | Teachers rehired | |
Oct | 147936 | 149716 | 1780 | -270 | 50 | Construction slowdown | |
Nov | 147666 | 149766 | 2100 | -476 | -63 | ||
Dec | 147190 | 149703 | 2513 | -638 | -666 | Christmas hires laid off |
I went through jobs not seasonally adjusted, Table A13 in monthly BLS employment survey. So the numbers above are simple estimations based on the current survey.
The two left columns are actual jobs for year 2014 and 2015, so I am comparing two years. Not much, bur two out of the five that make the expansion. The two right columns are the non-seasonally adjusted job gains, for the following month. I added a column of probable causes of the seasonality.
First, we lose about 600,000 jobs each January, so the adjuster has turned a negative 666 thousand into a positive 150 thousand. Also note that the warm winter in 2015 mean fewer construction lay offs. And the number of teachers laid off for the summer seems normal.
So, how did we get 150k new jobs instead of 190k, when starting with a negative 666k? Well, we make this bold assumption the adjuster is a zero mean filter, and maintains the same response, until otherwise notified. But just looking, this jobs report is ambiguous, it really tells us nothing until around April.
No comments:
Post a Comment