Jobs Number Brings a Nice Surpise With It

by Jay Pestrichelli on February 3rd, 2012

Headline number was great today, of course and the market is reacting to it. The 243k non-farm jobs was certainly an upside surprise. But the revisions to November and December were even more impressive.

For example, what was originally reported as a 120k change from October to November 2 months ago is now coming in at 363k. That’s more than triple the original report. This is not the preliminary number either that can still be modified, it’s the one that’s going in the books and staying there. Here’s a look at the last few months to illustrate their adjustments.
So where did the big adjustment in November come from? About 100k extra jobs came in the Trade, Transportation, and Utilities category with Retail trade doing almost all the lift. Professional and Technical services had an upward revision of about 70k, and the Food Services category had a revision up by about 100k.

Altogether for the January change and adding in the December and November revisions, the US economy actually reflected a gain of 489k jobs. A much bigger number than what just the 243k headline reflected.

Take this info for what you will, but its pretty clear that the markets are seeing this as a very positive sign today.

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