Posts filed under “Economy”
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 spent the early part of this week presenting at several conferences in Belgium, in and around Brussels. I was the not-so-randomly selected person to give the American take on the state of the global economy and capital markets. Or, at least, an American take. I never want to misrepresent my own biased and conflicted…Read More
November 24, 2013 Unless the Fed Goes Cold Turkey on Us, Expect a Bountiful Economic Harvest for Thanksgiving 2014 If your Thanksgiving family dinner conversation is anything like mine this Thursday, it will be dominated by a discussion of how the U.S. economy and its financial markets will be behaving after nearly a year of…Read More
The US October non farm payroll (NFP) report came in much stronger than expected at +204k jobs, rather than the +120k expected, with August and September revised higher. Furthermore, subsequent weekly unemployment data confirms that the US employment situation is improving. US Q3 GDP was better than expected, at +2.8% on an annualised basis, higher…Read More
Source: WSJ The headlines this morning are all agog about Europe. “ECB’s Praet: All Options on Table: Central Bank Could Adopt Negative Deposit Rate, Asset Purchases If Needed,” said the WSJ. “Europe Recovery Wanes as Germany Slows, France Contracts” was the Bloomberg hed. The FT’s Martin Wolf wrote, “Why Draghi was right to cut…Read More
Source: dshort.com The American Automobile Association reports that the average price of a gallon of regular gas is $3.19. (The U.S. Energy Information Administration has regular gas at about $3.26). Since peaking at the end of July 2008 at $4.11, then collapsing to $1.65 that December, Gasoline prices have been on a wild ride….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
click for larger chart Source: Econtrarian The past two days have seen two positive surprises in economic data. Yesterday, the gross domestic product came in at 2.8 percent growth, significantly better than consensus expectations of 2 percent. This morning, payrolls jumped by 204,000 workers, against median estimates of 163,000. Now imagine how much better…Read More
Long Island’s Economy Back on Track after Sandy Jason Bram and Rachel Keller Liberty Street Economics October, 2013 In late October last year, Superstorm Sandy devastated and disrupted much of the tri-state region, including a large swath of Long Island. For most of Suffolk County and inland parts of Nassau County, the disruptions were…Read More
Blowback to Economically Weak GOP Districts? click for interactive map Source: Washington Post Source: At the source of the shutdown, the economy falters — and anger at Barack Obama runs high Jim Tankersley Washington Post, October 28 2013 http://www.washingtonpost.com/business/economy/at-the-source-of-the-shutdown-the-economy-falters–and-anger-at-obama-runs-high/2013/10/28/67d51c90-3fe2-11e3-a751-f032898f2dbc_story.html