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    • Sun Jun 15th 15:25 PM
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      Unemployment Rates: Understanding the Big Picture
      BLS employment data are based on too small a sample and easily manipulated for political purposes.

      A more comprehensive picture of total employment can be gleamed from looking at the Daily US Treasury Report. In that report you can find the daily amount of taxes withheld from wages and deposit with the UST. In the first 5 months,compared to the same period last year, taxes withheld form wages is up 2%. Through the first half of June taxes withheld are up 4% over June 2007.

      Since the UST collects the taxes withheld from all legal wages filed by employers Form 914 filings, it has a more accurate and current account of the number of people employed than does the BLS. That means the number of real people employed by wages, by state, by industry, etc.

      However the media and financial markets concentrate it's employment view based on a mid month sampling by the BLS of 400,000 business establishment in month 1. In subsequent months the data is later revised up in month 2, and again month 3 by as more data are collected.

      The BLS employment household survey is based on telephone sampling. The question is, how many people in your household is employed.

      Pressure by the media should be brought on the current and future administrations to have the employment data reported by the UST. They have the real data regarding employment and wages. It's the real data that influence the economy, not survey data.
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