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Job Gains May Be Underreported

The jobless economic recovery may not be so jobless after all, according to an economic consultant who spoke at last week's National Real Estate Lending Conference here.

Although the "official" government survey of businesses indicates more than 775,000 jobs have been lost since November 2001, the survey of American households shows that nearly 2.3 million net new jobs have been added over the same period, Jeff Thredgold of Thredgold Economic Associates, Salt Lake City, reported.

Mr. Thredgold, who spent 23 years with the Key Corp., said the reason for the discrepancy is that most of the job creation currently taking place is occurring in small, medium and start-up businesses, few of which are included in the monthly poll of 300,000 larger businesses.

But many of them show up when the monthly survey of 60,000 American households is conducted.

"I have a nagging suspicion that when major revisions to the employment data are finally completed, the Labor Department will quietly announce that job gains were dramatically higher than we have been led to believe," he told the conference.

Mr. Thredgold also told conference attendees that inflation should be the least of their concerns.

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