Posts filed under “Data Analysis”
In yet another stunning display of journalistic malpractice, Terry Jeffrey put out the following piece after last Friday’s NFP release:
Because it suited his (political) purpose, Jeffrey jumped on the Household Survey; looking at the Establishment Survey would not have provided such a dramatic headline. Indeed, it would have provided, for him, no usable headline at all.
What Jeffrey seized on – a 338K gain over the month in government employees (41% of the 818K!!!) – fails to take into account that the previous month, when the Household Survey flagged a decline of 735K, 507K of those (a whopping 69%!!!) were government employees (interestingly, he did not report on that). That was, you know, when we had that government shutdown thing going on. These numbers are shown in the table immediately below. So the gain in November was essentially a reversal of the loss in October due to the government shutdown. This is exactly the same type of bullshit we see periodically with Reagan’s Million Jobs in One Month Miracle. One quick look under the hood and it all falls to pieces.
I hope to God that Terry Jeffrey never identifies himself as a journalist. I’d hope, rather, that he refers to himself as a charlatan or a montebank, devoid of any integrity whatsoever.
See previously: Makers and Takers
I am writing up my BBRG coverage of the innumerate business reporting of Black Friday and the holiday shopping weekend. The press as per usual got it wrong again this year. Here is the press release from the NRF, pushing their usual survey silliness as if it were actual retail sales data: “More than 141…Read More
From the Washington Post: Every year, premature death — that is, death attributable to causes other than old age — deprives people of a combined 1.7 billion years of life they could have enjoyed. 1.7 billion years. Think of everything those people could have done — the children they could have had, the jobs they…Read More
One of the favorite tropes of the “End the Fed” crowd is the “falling purchasing power of the U.S. dollar.” Google that phrase, and you will be rewarded with 91,100,000 results. (drop the “U.S.” and it doubles to 187,000,000 results). The problem is, nearly all of these arguments are wrong. As Matt Busigin of…Read More
Source: WSJ The Labor market continues to improve. Last week Bureau of Labor Statistics reported 204,000 new positions created, and adjustments to prior months data were upward. But the gains are not all they are cracked up to be. The jobs recovery has not been evenly distributed. The beneficiaries of the economic recovery have…Read More
@TBPInvictus here It’s a well established fact that the Obama administration has been spending like a drunken sailor since the day he was inaugurated. I first wrote about his spendthrift ways here, toward the end of 2010 (has it already been three years?). Some time has now passed, so how’s it going? Let’s take another…Read More