Every so often, the Commerce Dept reports the number of new jobs "created" in the US. Last time they were claiming 292,000 "new" jobs.
I wonder where that "new jobs" number comes from. Probably the bigger companies report the number of new hires to the guvmint. Do they likewise report layoffs? Suppose a company lays off 292,000 employees and replaces them by hiring 292,000 troubled teenagers. Does this count as 292,000 "new jobs"?
Is the "new jobs" number any more realistic than the "unemployment rate" which only counts people drawing unemployment benefits? As unemployment benefits run out, the unemployment rate drops.
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