Posted on 08/05/2012 8:21:39 AM PDT by Oldeconomybuyer
The U.S. economy lost 1.2 million jobs between June and July. But that’s not how it got reported. When the Bureau of Labor Statistics released its jobs figures for July, it said the economy gained 163,000 jobs. So what gives?
It all has to do with what’s known as “seasonal adjustments.” The U.S. economy follows certain predictable patterns in hiring and layoffs. School districts always let workers go for the summer and hire in the fall. Retailers always staff up for the Christmas holidays and lay people off afterwards. Students always flood the labor market in June.
So if we want to know how well the economy is doing, we want to know how many jobs were added after taking these predictable fluctuations into account.
This is exactly what BLS does in its monthly jobs reports. As Jacob Goldstein of Planet Money points out, the U.S. economy lost 1.2 million jobs (pdf) between July and June. But, according to the bureau, the economy essentially lost 163,000 fewer jobs than one would’ve expected, given seasonal trends. That’s a sign of a (slowly) recovering labor market. So BLS reported it as a 163,000 gain in jobs.
(Excerpt) Read more at washingtonpost.com ...
Is it any wonder that NO ONE believes anything the government says, especially propaganda from the 0bama regime?
This is why the commie lib DemocRATS would rather talk about Romney’s tax returns and their toadies in the state run commie “media” are so willing to oblige them.
It all has to do with what’s known as “seasonal adjustments.”
The rest of us would call that “cooking the books”.
Sometimes, I feel like we’re living in the old Soviet Union; albeit with a velvet-glove instead of an iron-fist. MSNBC is PRAVDA and our labor statistics are about as truthful as Radio Moscow’s boastful broadcasts about their record wheat harvests. Whatever is one’s political affiliation, we should all agree that our labor statistics are a lie and we should all demand that the BLS publish factual numbers. If they refuse to do this, then all of these economists should be fired and any public official who sanctions their behavior should be impeached for fraudulent practices.
The private sector is doing fine.
“Department of Labor each month guesses at the number of jobs it thinks are being created by newly formed companies that it really can't prove exist.”
“400,000 of these jobs have been added so far this year”
“July is not a big month for these phantom jobs-labor usually subtracts phantom jobs in July - but not this year”
“In July 2011, Labor subtracted 38,000 jobs.”
“This year, the economy is now officially growing much more slowly, and labor adds 52,000 jobs to the July count it can't prove exist.”
These numbers are all courtesy of the Obama Department of Propaganda.
“Department of Labor each month guesses at the number of jobs it thinks are being created by newly formed companies that it really can't prove exist.”
“400,000 of these jobs have been added so far this year”
“July is not a big month for these phantom jobs-labor usually subtracts phantom jobs in July - but not this year”
“In July 2011, Labor subtracted 38,000 jobs.”
“This year, the economy is now officially growing much more slowly, and labor adds 52,000 jobs to the July count it can't prove exist.”
These numbers are all courtesy of the Obama Department of Propaganda.
The list, Ping
Let me know if you would like to be on or off the ping list
If you look at the non seasonally adjusted number of jobs, 1,212,000 were lost between June and July.
Take -1,212,000 and run it through the Birth and Death Model and Seasonal Adjustment and out comes +163,000.
“In July 2011, Labor subtracted 38,000 jobs....adds 52,000 jobs to the July count it can’t prove exist.”
And just exactly where does one find the high school and college June graduate numbers looking for work?
Last I heard they don’t exist on unemployment rolls as they’ve “never had jobs”.
Can you tell me different?
A BLS (Bureau of Lies and Statistics) citation would be most helpful.
Thanks in advance
And half the people in this country will believe every word the media says about the rich.
Garbage in and prime steak out the other. Amazing.
Seems to me that when you're "adjustments" to data amount to roughly 10x the "signal" in the data you're looking for you've completely lost all credibility. With your "adjustments" you can make the "signal" appear to do whatever you want it to.
And there we have it - the narrative we'll hear from the liar-in-chief, his minions and MSM lapdogs. From now until election time expect to hear just about a universally positive spin on any data that comes out. Aliens could arrive and slag down Detroit and hussein & crew would tout it as the start of an urban renewal project.
It sounds a bit like a budget cuts argument, cutting the percentage of an increase, except the jobs recovery argument is cutting a percentage of the decrease. This is all dandy until immigration and population growth are factored in, and then there will be Obamacare, tax hikes and other anti business policies to think about, not to mention rising fuel prices and destruction of profit margins. Somewhere in the thick of things debt and the value of the dollar need to be factored in. Here’s the scoop. Obama is sending us to Hell in a tattered hand basket, made in China.
http://www.freerepublic.com/focus/f-bloggers/2914125/posts
“But wait, there’s more: the Birth Death adjustment, which adds to the NSA Print to get to the final number, was +52k. How does this compare to July 2011? It is about 1000% higher: the last B/D adjustment was a tiny +5K! In other words, of the 163,000 jobs “added”, 429,000 was based on purely statistical fudging. “
They must have hired some Greek accountants.
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