I was reading a report by Chris Isidore from CNNMoney.com that stated that job losses over the past year were even more than originally reported. The Labor Departments annual report listed that nearly 7 million jobs were lost in the U.S. the truth seems to be closer to around 8 million. I wonder how they could be so far off the mark.
The Bureau of Labor Statistics is revising their annual report to include 824,000 additional lost jobs in April 2008-March 2009. This will have a dramatic impact on the stock market as well as consumer confidence. They explain the large difference in numbers by saying their estimates were wrong. I believe that is self evident!