Posts filed under “Employment”
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
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
One of the things I think Bloomberg should own are the deep dive, finance related interactive graphics. They can cover economics, investing and business with the data and firepower to just crush this sort of work. Here is the first example of what is hopefully the first of many crazy cool infographics: click for…Read More
Today, I want to discuss why the Employment Situation report is the single most over-hyped, over-analyzed, over-emphasized, least-understood economic releases known to mankind. It is also one of least useful economic data points where investors are concerned. Long-time readers must bear with me, as they have heard this too many times before. But to new…Read More
@TBPInvictus here. An IBD editorial picks up on a story originally run over at CNS News. Here’s the lede at CNS (emphasis mine): (CNSNews.com) – Americans who were recipients of means-tested government benefits in 2011 outnumbered year-round full-time workers, according to data released this month by the Census Bureau. They also out-numbered the total population…Read More