It only takes a few moments to share an article, but the person on the other end who reads it might have his life changed forever.

Friday, June 05, 2015

"The Job Numbers Literally Do Not Add Up"

http://www.alhambrapartners.com/2015/06/04/payroll-stats-become-even-more-implausible/

Payroll Stats Become Even More Implausible
Since Q1 GDP was revised lower by almost 1% that meant estimates of productivity were going to be even more out of alignment than they were at the first release. Of course, in a less massaged environment productivity might have preserved some sense if there was less rigidity from the BLS on the employment side. In other words, when “output” estimates were reduced (and they were, by more than GDP) it would make sense that everything would be revised downward in a more cohesive process. Instead, output was reduced significantly, by 1.4%, while total hours worked was marked down by all of 0.1%.
As a result, productivity is revised from a nonsensical -1.9% to an even more skeptical -3.1%.

No comments:

Post a Comment