Loading ...Never underestimate the stupidity of
government
“The Labor Department admitted that government household survey-takers mistakenly counted about 4.9 million temporarily laid-off people as employed.
Had the mistake been corrected, the unemployment rate would have risen to 16.1 percent in May.”
That’s the kind of “stupidity” when you have an election pending.
LOL!!! Great research SB! And gold getting clobbered over it?
Has anyone ever “believed” (in the real sense of the word “believed”) what BLS spews out every month?
First of all it is an estimate.
Then, buried somewhere in the “noise” of the succeeding month’s report, they revise the previous month’s “estimate” … but, no one pays attention to that revision!!! Well, no one except John Williams of ShadowStats … http://www.shadowstats.com
Throughout the Obama presidency, he kept on trying to make the public aware, that the extremely low unemployment rate, and ever declining, was a farce!
So much so, that even of my financially naive coworkers pointed out one day, that if you’re doing two hourly jobs, they count two people as employed! And if you aren’t looking for a job, they count you as employed … God knows what “insights” they use for finding that out!
But hey, if Obama used the BLS “system” to his advantage, why shouldn’t Mr. T ?
Now, it might sound controversial, but I believe the revisions to BLS unemployment numbers will gain attention as Trump’s re-election nears. We shall see.
https://www.zerohedge.com/markets/bls-admits-survey-error-may-have-reduced-unemployment-rate-3
https://www.zerohedge.com/markets/bls-admits-survey-error-may-have-reduced-unemployment-rate-3
GL
“Stupidity of ….”
You mean the sheeple paying attention to these clowns and their data fudging?
(Must have learned those tricks from the climate change zealots)
How about BLS estimating gobs of new business startups too during C-19? LOL.
Nope …. its all political fiction.
But then so are “earnings”.
The market is about reading the intentions and conduct of That Creature from Jeckyl Island. Nothing more, nothing less. (but do include their brethren)
So I do have a MAJOR turn in the works. Not here yet. But now in sight.
Those explosions some are expecting might be going the other way. (This fall.)