Government preliminary bench mark jobs off as much as 1 MILLION?!

The BLS jobs report off as much as 1 Million this year. No biggie...just 1 Million of a labor market that is approximately 167 Million people in total. 

See ARTICLE here. 

Goldman Sachs and Wells Fargo economists expect the government's preliminary benchmark provisions on Wednesday to show payroll growth was at least 600,000 weaker than currently estimated. Goldman Sachs indicates it could be as large as a million jobs that were overestimated. There are a number of caveats in the preliminary figure, but a downward revision to employment of more than 500,001 would be the largest in 15 years and suggest the labor market has been cooling for longer than originally thought. The final numbers are due early next year.

WEITZ: 

1) We seriously can't get accurate payroll numbers for an entire year?!

2) Up to 1 Milllion off?!

3) What's the point of even tracking this if the numbers are wildly off?!

Here's an article on the makeup of the BLS jobs report and its incomptence of being a notable indicator on the economy. 

Sorry- I don't buy this. Its either corrupt or incompetent. Zero in between. With the technology we have today, this is totally inexcusable considering its used as an important factor in the Fed determining interest rates. Rates have remained high because things have been 'good' yet we are only A MILLION JOB OFF..... I'm so very tired of this crap. Can you imagine if the private sector was off by this much for something substantial. Everyone involved would lose their job. It's completely absurd. 

The slow-motion economic train wreck continues on its course......