Summary of “The Jobs Report Is Overhyped. Here’s Why That’s A Problem.”

“Excellent Jobs Numbers just released – and I have only just begun,” he said.
Here’s the thing: The U.S. didn’t add 209,000 jobs in July.
“There is a lot misunderstanding around the mechanics of the jobs report,” said Matt McDonald, who is a partner at the Washington-based consulting firm Hamilton Place Strategies and writes a monthly analysis of the jobs report.
In March, The Washington Post recounted 19 examples of the president dismissing the jobs data as fake before he took office.
A little secret of the economics trade is that the jobs data is the statistical equivalent of a best guess.
According to the BLS, the actual monthly change in the number of jobs likely falls somewhere in the range of 120,000 more or 120,000 less than its estimate.
The BLS estimated that 50,000 jobs were added then, meaning that the actual change in the number of jobs could be anywhere between a gain of 170,000 and a loss of 70,000.
Since 2003, the average change between the first estimate of a month’s job gains or losses and the third and final estimate is an increase of 11,000 jobs, according to the BLS’s Current Employment Statistics program, which conducts the survey of companies.

The orginal article.