Employment Looks Alot Better…If You Only Count 49 States
Or is it 56 (the 57 encompassing the US in Barack Obama’s mind minus one)?
Ministry of Truth Department of Labor sallies forth with another bogus employment number that just happens coincidentally to appear to be quite favorable to the incumbent regime. Why they printed this number when one “large state” failed to contribute its data, which goes into the number, is beyond belief.
This is just getting stupid. After expectations of a rebound in initial claims from 367K last week (naturally revised higher to 369K), to 370K (with the lowest of all sellside expectations at 355K), the past week mysteriously, yet so very unsurprisingly in the aftermath of the fudged BLS unemployment number, saw claims tumble to a number that is so ridiculous not even CNBC’s Steve Liesman bothered defending it, or 339K. Ironically, not even the Labor Department is defending it: it said that “one large state didn’t report some quarterly figures.” Great, but what was reported was a headline grabbing number that is just stunning for reelection purposes. This was the lowest number since 2008. The only point to have this print? For 2-3 bulletin talking points at the Vice Presidential debate tonight. Everything else is now noise. It is also sad that the US “economy” has devolved to such trivial data fudging on a week by week basis, which makes even the Chinese Department of Truth appear amateurish by comparison.
Jack Welch was right. We have something that appears disturbingly close to Soviet Russia and/or Peronist Argentina in these bogus numbers and the vitriol with which knowledgeable and skeptical voices are attacked.Tags: Economy, jobs