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> be so completely incorrect? Were they so completely incorrect? > That is down from a revised loss of 3,000 in August. Economists polled by The Wall Street J
by ModernMech 1y ago
> be so completely incorrect?
Were they so completely incorrect?
> That is down from a revised loss of 3,000 in August. Economists polled by The Wall Street Journal had expected an increase of 45,000.
Sure, you might say "gosh, +45,000 is way off from -3000". But at the same time, you have to consider they are measuring the change in a population of millions of people. In that sense, the percent error is very tiny whether it's +45K or -3K.
- jayd16 1y agoIts much worse than that. -3k was for August. The expectation for September was +45k but instead was -30k. So it was actually 75k misprediction.
- johnnyanmac 1y ago>Were they so completely incorrect? Yes, utterly. having number off by an order of magnitude in the complete opposite direction tells us at best that we are in unusual times and at worst that our estimates no longer work in this job market.