Deep dive into the BLS model
February 4th, 2010
Bloomberg is running a report on pending amendments to the BLS labor statistics which may result in sharply higher unemployment statistics in 2008/2009. The reasoning is that the BLS model’s mechanism to account for newly-created and recently-closed businesses does not consider the sharply higher number of closures over that time period. More recent data will not be revised till next February. The article is well worth a read.
