If the clowns paraded out on CNBC keep calling October’s Job Report a “strong one” will that make it so? Thanks to Dr. Paul Craig Roberts we’ll save some precious time and let him rip it to shreds……and then David Stockman & Peter Schiff…..
The Bureau of Labor Statistics announced Friday that the US economy created 271,000 jobs in October, a number substantially in excess of the expected 175,000 to 190,000 jobs. The unexpected job gain has dropped the unemployment rate to 5 percent. These two numbers will be the focus of the financial media presstitutes.
What is wrong with these numbers? Just about everything.
First of all, 145,000 of the jobs, or 54%, are jobs arbitrarily added to the number by the birth-death model. The birth-death model provides an estimate of the net amount of unreported jobs lost to business closings and the unreported jobs…
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