Thursday is Oops Report time.
That’s when the Labor Department will tell us if it has been correctly tabulating the number of jobs in this country. Or, more precisely, it will tell us how much it has erred in the reporting of the job market.
My guess is that the department has over-counted jobs by several hundred thousand.
The biggest fudge factor in the monthly employment report that everyone watches is a guesstimate for newly formed companies that Labor can’t count but assumes exist. So in almost every month Labor adds a generous number of jobs to its report for these possibly nonexistent jobs.
The figure on Thursday will correct the March 2011-to-March 2012 count.