Vice President Biden’s former chief economist Jared Bernstein • Discussing the process that goes into the Bureau of Labor Statistics’ monthly employment reports, reports which have taken on new importance as the 2012 election hits. (The numbers showed slight improvement Friday, with the unemployment rate staying steady but jobs levels increasing.) Highly recommend you read the Washington Post’s piece on the matter, which goes in depth explaining exactly what happens to bring those numbers — numbers which can define the entire debate over the next month — to reality. It’s fascinating. (via shortformblog)
We agree, a great story. And since here at Where Did the Jobs Go? we’re fans of ferocious nonpartisanship, there’s a second quote that’s just as great:
The lockdown was an exercise in tedium and precision, but those have been the hallmarks of BLS for 125 years. The agency remains strictly nonpartisan and intentionally bland. It measures the economy without ever opining on it. “The glass here is never half-empty or half-full,” Kosanovich said, repeating a popular BLS motto. “It’s an eight-ounce glass with four ounces of liquid.”