The U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on Feb. 5, showing the labor market was in worse shape during the recession than known at the time.
Chalk up one more tally in our anecdotal observations of how the economy and unemployment numbers are treated differently under two different presidencies.
Under Bush, GDP numbers were quite often revised upwards... in defiance of low expectations? Under Obama, however, GDP numbers, such as for the 3rd quarter of last year, get revised downward (twice!) and unemployment numbers get bumped up... in defiance of high expectations?
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