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The Economy in Perspective

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Pump up the volume … The Bureau of Labor Statistics’ report on November employment, released December 4, indicated that nonfarm payroll employment expanded by 267,000 people, more than double analysts’ typical estimate. Miscues of such magnitude are not rare; in this case, though, the discrepancy prompted a 136-point rally in the Dow Jones average because most observers had expected the employment report to confirm a downshift in U.S. economic growth. After all, jobs growth was stronger in the first half of this year than in the second half, and the figures for September and October showed successive declines from the gains posted for August.

Suggested citation: “The Economy in Perspective,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-12, pp. 01, 12.01.1998.

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