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Revised job numbers for 2013 show even less growth than first reported. After the statistical one thing and another, the Department of Workforce Solutions says wage employment grew an average of 0.6 percent during the year. That’s down slightly from the 0.7 percent original estimate.
The big part of the 2013 change came because of changes in the 2012 numbers, what DWS called “significant upward revisions” for the fourth quarter. Since job growth during the fourth quarter of 2013 wasn’t much, the 2012 changes meant a higher base for comparing 2013 against 2012 and, in turn, meant the 2013 performance became a decline. Putting it another way, initial reports last year showed job growth rates dropping during the second half of the year. After the revisions, the real situation appears to be economic stagnation and not crummy numbers.
Two months ago, this column shared the Jan. 16, 2014, forecast from the Bureau of Business and Economic Research at the University of New Mexico. That outlook called for 1 percent wage job growth in 2013, 1.4 percent in 2014 and 1.6 percent in 2015 and 2016. At the time, the year-over-year job growth (through November) was 0.2 percent.
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