Wow — Check Out How Blatantly Our Government Misled Us With The October Jobs Numbers!
Nov. 13, 2010
Remember last Friday’s payrolls numbers–the ones that blew away expectations about the number of jobs created and got everyone talking about recovery again?
Well, even at the time those payroll numbers were confusing, because the other part of the jobs report–the “household survey”–showed yet another crappy number.
But by pointing to the crappy household number and ignoring the payroll number, the bears seemed to be trying to make lemons out of lemonade.
But it turns out that there was a simple reason why the payroll numbers looked so good–a reason that had nothing to do with underlying strength of the jobs market.
What was that reason?
The government changed the “seasonal adjustment” it made to the payroll numbers–and, in so doing, boosted the number of “jobs” created in October by 100,000.
Stephanie Pomboy of MacroMavens (via John Mauldin) explains: