First, as Justin Wolfers points out, the added jobs means that there has no longer been a “net” loss of jobs on Obama’s watch. As you know, Romney has been saying for a very long time now that the “net” jobs lost on Obama’s watch proves his policies failed. That’s a bogus metric, because it factors in the hundreds and hundreds of thousands of jobs lost in each of the first few months of Obama’s term, before those policies went into effect.
But putting that aside, net jobs were now actually gained on Obama’s watch. So, in theory at least, Romney has been deprived of one of the talking points that has been central to his candidacy for a year now. That talking point was crucial for Romney, because it enabled him to make the (nonsensical) case that Obama destroyed jobs overall.
By the way: If Romney objects to incorporating BLS’s new revisions into his jobs count, he should know that in 2004, the George W. Bush White House relied on BLS revisions to improve its own jobs count.
The new BLS revision actually finds 453,000 total additional private sector jobs were created. It is revising the total upwards by only 386,000 because it also discovered that an additional 67,000 public sector jobs were lost — another indication that government cuts may have been a bit more of a drag on the recovery than previously thought.
Ultimately, if you add in the additional 453,000, that pushes the total private sector jobs created since March of 2010, the first month that jobs were created on Obama’s watch, to over five million. That’s because the previous BLS totals for that period were 4.62 million. Add in the new 453,000 and that makes over five million. Expect Obama to start claiming that we now know that over the past 30 months, the economy added over five million jobs.
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