Recent reports say that there are major revisions to Ohio ’s economic numbers especially jobs lost. Preliminary reports suggest Ohio’s job losses will be approximately 100,000 greater than previously reported by the U.S. Government and then the media. Statistically this will more than offset the roughly 25,000 job gains reported in Ohio in 2010.
It is important to understand this happened because the model used by the U.S. Department of Labor ’s Bureau of Labor Statistics* to estimate such numbers needed major revisions.
To begin with the model overestimated the total of number of jobs in Ohio. Of course those who had jobs before all this still have them and those who didn ’t have jobs before unfortunately still don’t. The estimates are made because obviously not every worker and prospective worker can be surveyed. Therefore models are constructed based on what is thought to be accurate estimators of employment and unemployment.
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