I'm a bit slow here (I'm traveling), but the bad jobs story for December might be even worse than is being reported. The reason is that the imputation for jobs created by new firms not included in the survey is likely overstating job growth.
In December, this imputation added 66,000 jobs. In November it added 51,000. By comparison, in the same two months of 2006 the imputation added 64,000 and 36,000 jobs for these months. We now know that those imputations for last year were about 25,000 too high. With the economy almost certainly growing more slowly this year than the last, it is likely that the overstatement is even larger this year.
As always, you can get the full jobs story here.
If you enjoyed this article, please consider making a tax-deductible donation today. For over 30 years, The American Prospect has delivered independent reporting that exposes corporate power, investigates political corruption, and analyzes threats to our democracy. Unlike many media outlets, we’re not owned by billionaires or corporations—we’re powered by readers like you.
Today’s independent journalism faces unprecedented challenges. Your support makes our reporting possible and keeps our work free and accessible to all. Whether it’s $5 or $50, every contribution helps sustain our nonprofit newsroom.
Join our community of supporters and make a donation today to help keep independent journalism thriving.
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved
