Shortcomings Of The "Birth/Death" Model Finally Recogniced?
While that is not inconceivable, it is highly unlikely, creating an obvious "bullish" bias in recessions (on the other hand, it also probably creates a "bearish bias" during booms, but that is not relevant for analysis of the current economic situation).
The fact that the latest annual revision showed a record big downward revision illustrates the "bullish bias" created by the "birth/death" model.
It also means that the more recent numbers probably underestimated job losses. While I and other have long argued for this view, this Bloomberg story could mean that many in the financial press is finally understanding it too.