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Media reports probably treat the government's initial estimates of job growth with too much credulity.
The government's estimates of job creation are not particularly accurate, a point that is often made and often ignored.
Estimates of job creation or destruction often come from economic consultants hired by groups lobbying for or against a proposal.
But the council did update its estimates of job growth to account for the recovery's recent strength.
Taking survey data and using statistical models to translate them into estimates of job creation introduces more error.
But the monthly estimates of job creation are notoriously volatile, confounding forecasts almost every month and often prone to substantial revision in the months that follow.
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In addition, estimates of jobs growth were revised upward for August and September.
It is also because the economy is a hard thing to measure, and the initial estimates of jobs growth are crude.
In a speech last March, Ben S. Bernanke, a Federal Reserve governor, noted that estimates of jobs lost to outsourcing were quite small compared with the 15 million jobs lost every year for all reasons.
Estimates of jobs from major investments in manufacturing or infrastructure are nearly always overstated, he said.
These estimated CO levels were converted into yearly estimates of job-specific exposures to REC using the job-specific REC exposures estimated using the 1998 2001 data and the assumed linear relationship between CO and REC.
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