Friday, October 07, 2011

This Morning's Fake Job Numbers

It's 8:35AM and I've just watched the release of the September Labor Department employment numbers.

Allegedly, consensus was for +60K jobs and 9.1% unemployment.

In reality, jobs rose by 110K with a flat 9.1% unemployment rate. However, we then quickly learned that August jobs were restated upwards, and September jobs were high, by roughly the number of striking Verizon craft workers.

Meaning that August wasn't really flat, and September didn't really add 110K jobs.

What kind of bizarro employment measurement system distorts results over a strike that everyone knows happened?

You wonder why any one month's numbers are useless? This is why.

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