The Bureau of Labor Statistics (BLS) release the first estimated September jobs report earlier today [Details Here] reflecting 134,000 new jobs added last month. However, that’s not the story – The BLS revised August upward +69,000, and July +18,000.
The cumulative jobs gained 134k + 87k equals 221,000 new jobs. Lowering the unemployment rate to 3.7% the lowest unemployment statistic since 1969.

First, a note on the *revisions*. How did the BLS underestimate (twice) the August jobs report by 70k ? This is stunning: 201k -vs- 270k. That’s a 30% error rate? Someone’s head needs to roll, because it looks like politically motivated statistical sandbagging.
BLS – […] The change in total nonfarm payroll employment for July was revised up from +147,000 to +165,000, and the change for August was revised up from +201,000 to +270,000. With these revisions, employment gains in July and August combined were 87,000 more than previously reported. After revisions, job gains have averaged 190,000 per month over the last 3 months.









