Comments on: Jobs: The summer’s over http://blogs.reuters.com/felix-salmon/2013/09/06/jobs-the-summers-over/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: strawman http://blogs.reuters.com/felix-salmon/2013/09/06/jobs-the-summers-over/comment-page-1/#comment-48022 Fri, 06 Sep 2013 15:24:56 +0000 http://blogs.reuters.com/felix-salmon/?p=22444#comment-48022 Foppe –

No, BLS revisions tend to be pretty noisy, and they go upward as well as downward. Stats here:

http://www.bls.gov/web/empsit/cesnaicsre v.htm

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By: Foppe http://blogs.reuters.com/felix-salmon/2013/09/06/jobs-the-summers-over/comment-page-1/#comment-48021 Fri, 06 Sep 2013 14:58:22 +0000 http://blogs.reuters.com/felix-salmon/?p=22444#comment-48021 I could be wrong, but isn’t it true for something like 5 years now that the reports are overstated and corrected downward the month after? I cannot for the life of me remember the last time they were understated..
Also, the fed is just playing politics, using crappy stats (the politically chosen u3 unemployment figures) to justify its policy gut feelings, cheerfully ignoring the fact that u6 is *way* higher than it has been at any time since Clinton claimed the success of his first foray into the deregulated crony-capitalist FIRE-sale society ‘we’ (not you) enjoy today. (http://portalseven.com/employment/unemp loyment_rate_u6.jsp?fromYear=1994&toYear =2013 )
That is, ‘we’ never thought the economy was doing better; it frightens me a little that you conflate the dream-world the navel-staring economic forecasters/statisticians live in with the real world, because if there’s anything that should be obvious by now it’s that the numbers they churn out are produced only to rationalize/’justify’ continuation of the policy disaster that is the status quo.

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