Saturday, October 6, 2012
A very exciting title, but this stuff is important. Buried in yesterday's employment report for September 2012 was a positive 97,000 job revision for public employment in education in August. What happened? Simply put several school districts, including the 40,000 teacher strong Los Angeles Unified School District, started school early this year. So instead of having the jobs reported in September, they were pick up in the revision for August. Thus there was no hiring surge over the summe. Moreover private sector jobs were revised down by 5,000 for July and August. All this means is that yesterday's job report was over-hyped. To be sure it was good news that the unemployment rate dropped to 7.8%, but don't be surprised if it returns to 8% next month.