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On The Ever Increasing Inconsistencies In Reported Economic Data
Ever get the feeling that the Bureau of Truth is not being completely truthful? Feel like the ADP is to the NFP like the ISM to the regional Fed Surveys, and as the surging Mfg ISM employment diffusion index is to the plunging Service ISM employment diffusion index (i.e., both can not possibly be correct)? You are not alone. David Rosenberg summarizes which recent data releases are so blatantly incomprehensible, one wonder when the government will announce an AXA Rosenberg-like computer glitch and say all its data for the past 12 months has been compromised. Either that, or we await the introduction of the Birth/Death adjustment to every single data series released in America imminently.
Here is David with much more on the topic (from Gluskin Sheff):
The latest batch of data has been highly confusing, to say the least. The chain store sales data were skewed by one-offs, such as retroactive jobless benefit checks that were mailed out in early August and the growing number (17 this year) of States offering sales tax holidays. We estimate that absent these influences, year-on-year sales growth would have been closer to 1% than 3%.
The spending data also belied the information contained in the Conference Board’s consumer confidence survey, as the facts-on-the ground ‘present situation’ index sagged to 24.9 in August from 26.4 in July — only 5% of the time in the past has it been so low. The ISM manufacturing index, which really got the ball rolling on this ‘take out the double-dip’ trade, managed to spike even though the three leading sub-indices — new orders, backlogs and vendor performance — all declined in what was a 1-in-100 event.
Not only that, but the employment component of the ISM surged to its highest level since December 1983, and yet the manufacturing employment segment of the payroll survey fell 27,000 — the first decline this year and the sharpest falloff since last October. Furthermore, the manufacturing diffusion index slumped to a seven-month low of 47 from 53 — in other words, fewer than half of the industrial sector was adding to staff requirements last month. It begs the question as to what exactly the ISM is measuring.
The list of inconsistencies in the data didn’t stop there. The entire increase in private sector employment in August was in the service sector — mostly health and education, which says little about the cyclical state of the economy. Yet 90 minutes after the jobs number was released, we got the ISM non-manufacturing survey and it flashed a contraction in services employment to a seven-month low of 48.2 from 50.9 in July.
Just a tad confusing, but the newly found bullish view of the economy is sort of corroborating evidence.
The employment report did not detract from the view that the economy is losing steam. The fourth quarter of a recovery typically sees real GDP growth of over 6% at an annual rate, but in this post-bubble credit collapse, what we got this time was 1.6% at an annual rate in Q2.
Moreover, there is nothing in the data to suggest anything but a further slowing in Q3, and the only reason why there is no contraction this quarter is because it looks as though we are getting another lift from inventories — though now the buildup looks involuntary, which will cast a cloud on fourth-quarter GDP barring a sudden reversal in the declining trend in real final sales.
Private payrolls were +247,000 when the equity market peaked in April, it slowed to +107,000 by July and was +67,000 last month. What does that suggest about the trend? Ditto for goods-producing employment, which was +67,000 in April, subsequently softened to +37,000 by July, and in August was the grand total of zero.
One can easily draw the conclusion from the data that we have dodged a bullet. But that does not mean we are out of the woods. Employment is a coincident indicator. Leading indicators, such as the ECRI, continue to deteriorate and to levels still consistent with nontrivial double-dip risks. Keep this in mind — private payrolls came in at +97,000 in November 2007 and the “Great Recession” began the next month. In other words, the +67,000 tally we saw today basically tells you nothing about how the pace of economic activity is going to unfold as we move into the fall.
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Reminds me of when I went on a hoggin' binge.
The Ministry of Truth "Minitrue" can go make like David Carradine, get belt or a neck tie, fucking hang themselves and die.
Great news!Each person's share of the national debt has dropped below a penny!
This is due to a slight correction of the population numbers by the Bureau of Statistics.
Bacteria are now counted as residents in the population report.
Truth is so easy......
The market is setting up to take a whoopin into the close!
That's right! Right now, it's going to tank.
If the math question can't be more than three characters long, don't ask me what -33*34 is! Bungholes!
I would pose the question differently: Do you ever NOT have the feeling that the Ministry of Truth is lying?
ministry of lies runs the smoke and mirrors desk at the comex.
http://agaupm.com/comex-where-is-your-physical-silver/
http://www.bullionbullscanada.com/
The only thing you need do to be informed is listen to ObaMao and watch North Korea TV (MSNBC)
why must you call names? Maobama is doing the best he can.
He certainly is. He's doing the best he can to turn us into a marxist state where the first and second amendments are a thing of the past.
Obama isn't even vaguely socialist. Corrupt? Sure - just like Dubya, Dodd, Shelby, Frank, etc.. What we have is the govt stealing everything that isn't nailed down, and handing it to WallSt. That's corruption, not socialism.
You're just repeating crap you hear spewed endlessly on Fox. Turn it off & try exercising the logical part of your brain.
Tyler Durden wrote:
"Ever get the feeling that the Bureau of Truth is not being completely truthful?"
The song remains the same.
http://en.wikipedia.org/wiki/Big_Lie
I get jobs data at www.dailyjobcuts.com
Am I missing something, or do you have and extra L in there?
Check this (possible avatar) link out... it may work for you... cool wallpaper for anyone else out there!
http://www.wallpaperbase.com/wallpapers/movie/2001aspaceodyssey/2001_a_space_odyssey_2.jpg
i was thinkin the same thing.
The data is confusing because the indicators have a margin of error, and when things are going from positive to negative there is some mismatch. Here: http://www.hussmanfunds.com/wmc/wmc100816.htm
Not only margin of error to play with, but they also depend on revisions like crazy. Remember last year-end dump of 1 million jobs due to all the monthly revisions? Its all just crap from the federal DOMSU dept of makin shit up.
I don't think anyone should be surprised that government data sets aren't adding up. What are they not bending and maniupulating lately? I also get the strangest feeling that the power elite are trying super hard to keep our markets from all out chaotic fall. I suspect keeping the markets in check creates a bastion of safety for them. After all, the :markets" are the indicator by which the average dumb Anerican measures the health of our economy. That and retirees will probably pick up pitch forks if they lose any more money in the Fraud Street Casino.
The latest ramp job should scare people. No volume, bad news = higher market? It smells too much like a pre crash melt up. Gains driven by bull shit evenutally come undone in a frenzied manner. Good luck to all the tout TV lovin' bulls.
it's odd that we both resent and don't trust these silly numbers (or the agendas behind them), but we have no other reasonable choice than to consider them anyway. (hell, i'm not gonna go call 500 companies and ask them about their current hiring numbers, but i might take some mental notes next time i'm in wal-mart or safeway...)
"worse/better than expected" has *got* to be the most effective syntactic addition to the language *ever* for the various economic Goebbels of the world (Krugman etc.). and we still listen.
it could be argued that if all of the numbers are skewed/biased consistently, that perhaps the trends are still intact, but when a previous quarter's GDP is revised downward -1.4% and you annualize it to the -5.6%... it's hard to even care about the trend...
serious question: what indicators *do* y'all use, when we know we can't trust the BDI, VIX, BLS-numbers, WTI-crude, Spot gold, etc. ?
big mac index?
I guess I'm kinda confused as to why all this is surprising. It's the last trick in a now-empty bag of propaganda. What choice do they have but to lie about the economy? It's the only thing keeping us over the abyss. The problem is that most of main street is all-too aware that the real economy sucks. Lying about stats doesn't convince them. It only helps the pump monkies on Wall Street make money. How much of the public actually owns stocks? How much actually has a 401k percentage-wise?
we're not surprised at the lies themselves, but rather the audacity and staying-power of the liars?
my concern comes from the gut knowledge that these guys are so blatant in their lies, that even the "average joe" will catch on. when that happens, the crisis in confidence could be so massive that Sept 2008 will be nothing in comparison.
but maybe i'm giving the "average joe" more credit then they deserve. most of my "above average joe" friends still seem unaware of the rising tide, and it's been rising for 3 years.
sigh.
lies or just plain old fraud?
come on, everybody lies. this is just deception, is a step up to premeditated fraud.
i'm starting to believe the premeditation on this fraud started when the FED was formed in 1913.
nice to know we're finally catching on...
Did some one say peak oil?
Peak or not peak you may soon die for it. Welcome to the Green (looting) Macine, new meat.
Tips from a 'Nam grunt:
1: Don't volunteer for nutting.
2: Carry as much ammo as you can already loaded into magazines.
3: Steal a frag and use it on any prick lifer who tries to get you killed.
4: When in doubt hose anything and everything that isn't wearing an American uniform.
Shadowstats.com warning of a benchmark revision downwards of payroll data next month of recent jobs reports. Last year the revision was a million jobs. But of course the data gets revised too late for anyone to care...
I am shockeked, totallly shocked, how dare you say anything like that about our great leader?
Our great leader is awesome. he bought me ice cream. Then we got crabs at joe's crab shack.
USA, the new USSR
How do I copypasta images and video in comments?
Write an article that gets published. Otherwise ol'-fashioned links are your only option.
I thought I saw some guys post images.
Sure - e.g. Cog Dis or RobotTrader, but they've also published articles on the site. (Maybe you get those permissions without that if you ask nicely! Probably have to let TD give you a chemical burn first...)
b l o w j o b might do it.
With all the "good news" about unemployment, no one is bothering to notice that the U6 went up (16.7%).
Plus, the only reason it didn't go up even higher was because of a weird drop in the number of long-term unemployed. About 320,000 long-term unemployed are not being counted anymore. Where did they go?
Hint: they are off government rolls as they are past 99 weeks of benefits. You may notice more beggars and/or robbers in the coming months.
"You may notice more beggars and/or robbers in the coming months."
Anyone else read this and immediately think 'TBTF'?
(You're not wrong, though!)
Speaking of TBTF, you've got to check this out:
http://blogs.wsj.com/deals/2010/09/03/kabul-bank-moral-hazard-personified/
In Afghanistan, investors in Kabul Bank are counting on U.S. support to stem a run on the country’s largest bank.
“America could support Kabul Bank to the last penny,’’ Mahmood Karzai, the Afghan president’s brother and largest bank investor, said in a WSJ interview. “The full faith and credit of the U.S. government behind the Kabul Bank–what more could you want?”
Afghanistan, which is receiving billions in humanitarian and military assistance from both the U.S. and Europe, is arguably a ward of both those states. What’s a few more billion to back up a failing Afghan bank?
Another reason bolstering Kabul Bank’s argument for a bailout: Its executives seemed to have followed the western play book for ruining their bank.
As the WSJ points out, Kabul Bank is accused of giving “clandestine” loans to themselves and Afghan government insiders.”
Yes, have noticed several homeless folks on prime Chicago streets lately - very uncommon compared to recent years.
That said, serious crime actually dropped during the Great Dipper while petty crime took shot up initially and dropped again as we got deeper into recession. Maybe the value system changed ?
homeless are taking over this town. this feely good city, can't be viewed as taking a hard stance towards the homeless, with the "no camping law". it is out of control. this town's reputation of tolerance is only going to accelerate and be known as the "BEST assisted living for the homeless, town". they have a beautiful maintained creek for their toilet, water fountains every where, manicured lawns of lush grass to sleep on, weed stores every where, the most beautiful gardens to gaze upon. tables and benches to sit or sleep upon. the homeless folks are even provided with bikes. they don't have to use the usual grocery shopping carts. got to love it.
I miss Boulder...
Suggest you check:
1: Under local bridges
2: Tent cities
3: Soylent Green factories
None of it will matter cause the plan is to inflate it all away down the river. GDP will look nominal juicy and companies will be reporting money coming out of their butt holes, and 401Ks will look eye poppin', and they're hoping we'll all join them for a smoke under the money tree.
Me too like caviar. Where do I get my 99 week supply?
Chinamart, 40 pound cases for $19.95 right next to the 'Caviar Helper'.
don't forget the crackers and melamin dip over on aisle 3
Everything and anything will be done to support the market until the election.
Maybe so, but I dont believe thats the plan. I see them dying to do QE now, one last wild pump here to get any remaining retail dummy long, then crash the markets for Oct surprise 'Obama to the 401K rescue' market stick save that they believe will propel them to popularity again and thus electoral victory. Or at least avoid an ass kicking.
I dont believe that would be the outcome at all myself. the people hate bailing out the banks, but I sense that is their plan!
This is exactly what I've been saying. Everyone is looking at charts and analysis like were in the 90,s and actual humanity was driving the market. Today, the fed and the monoliths are running the show. It's sad, But true.
If you and the next guy can figure this out... it probably won't happen.
Think contrarian.
Republicans will take control back, bring austerity and max. pain will start.
Max. pain is necessary to be able to survive at all.
Tyler, please! More Death Row T-shirts ads and NO Profit with Cramer ads.
the whole show is one gigantic farce that drifts ever further from a foundation of truth and reality
the scumbags at the helm have the pedal to the metal
racing us full speed into THE MADOFF MOMENT
Somethings coming at us very fast, BanksterT. This market empty except for computers pushing higher looking for the last retail to scalp. This is truely bizarre, and I think its the last great pump before a big dump.
Im convinced The Team wants an Oct surprise of a market chaos, with them ;saving us' of course with their Q/E. Of course the people HATE QE but I think they believe its their ticket to popularity before Nov. We'll see if Im right.
I'm not sure what the problem is here. Was not our Utopian world one where folks could be at their leisure and machines would do all the work? The data shows we are clearly morphing into such a world. Or, heaven forbid, is it possible a world without the need to work is not so Utopian?
Weren't all those 'machines control the world' all horror scifi movies?
Fed Blues -
This jive is all contrived.
Nothing to do, just ride.
Lay back, let the Fed drive.
Looks like the late day recorrelation will be the AUD/JPY closing near 77.75 from current 77.35. If so, SPY + 111.50+. Obvious flip side is for SPY to come in to A/J below 110 from current 110.7. one or the other. I think it will be up unless 77.2 fails on A/J.
Today's Double Whammy News Summary:
-Employment going for 3rd straight down year
-Wheat +3.97% Corn +3.88% Soybeans +2.21% All in a day's work
The trends are intact.
Only Gold will save ya
I don't know why so many here blame the Pres. He was like the man who became the captain of the Titanic after it hit the iceberg, and half the crew want the ship to sink so they can become the new captain.
it's probably because we hear him up in the cabin screaming "hit it again, hit it again!"
just sayin'
HA! wish I had your wit!
Let's not be naive here. He entered with a mandate, had all the power to do what he wanted to do, and has done nothing to improve the country's financial health.
When you're President, you better damn well be presidential.
No more whining, get to work.
There's stastistics, Government Statistics, and damned lies. The government has resorted to hiring Comedy Central to present their data and justified it by calling you damned liars if you disagree with them.
All ran by the new DOMSU, dept of makin shit up. Hey anyone in this market, good luck to ya, youll need it. This is all going to fly apart soon I believe. Never seen or heard of anything this insane all my life.
I actually think that there is a bidding war going on right now with the new presidential candidates and the top 100 companies which will get every donation back X1000
and both candidates might now even be in one room with a good cuban sigar and a nice scotch and some underage hooker joking about how many puppets and ideologic morons will yet again vote for them.
The funny thing is: 2 parties, no other choice :)
Now who would you like to see president of the US?
A. Citibank, Goldman, Bank of America, Lehman, GM, Ford, GE and BP
OR!
B. Citibank, Goldman, Bank of America, Lehman, GM, Ford, GE and BP
Only 1 party, always has been. 2 party illusion for easy sheeple crowd control 'divide and conquer' technique designed for dummies to believe in, make you feel like youre 'on the team of your choice', 'someones representing you', LMAO its really quite hillarious.
I miss walstreetpro2
http://www.youtube.com/watch?v=KWu-efNN8PM&feature=related
Yea me too, I dont know what happened to Kevin...last I heard he was at Twitter but I hate that place.
I'm just watching this movie "Crossing Over"
It's a movie about American immigration. WAW!
Why do immegrants still keep going to the US?
Because US is still the only place in the world where they pay you to do nothing and dont get shot in the head by the govt! Well, unless you get stopped by a cop then youre in for a beat-down, but hey still better than Columbia!
great flick.
answer: what extremes would you suffer if someone told you that you had to spend the rest of your life in france?
have a good weekend :^)
I actually lived in France for 16 years and now I live in Belgium for 20 years now :)
The 2 greatest places on earth for me :)
I'm actually thinking about going back to Marseille in a next few years.
lol
good on ya! as an american i feel compelled to throw the occasional barb their way, mostly out of begrudging respect. pick the country you like the least and fill in the blank... perhaps some desert country in the middle-east, or one of the 'stans'
there are a lot of places that still make the trip here worth the suffering in 'crossing over'. add a few extremists with guns and it's often not much of a choice. i'd bet the mexican crossing to US (at least a few years ago) was a similar ordeal.
been to a few Euro countries. neither Belgium or France. enjoyed them all.
cheers
What are your top 3 reasons for loving both so much (not including access to cheap, awesome wine)?
- Relaxed way of living
- Relaxed way of living
- Relaxed way of living
I'm not a rich man, but I'm well off.
I love my family and we are happy and everybody is there for each other, we've got everything we need and are pretty much care free.
I've got a darling wife, 1 lovely daughter, 1 great son,2 houses, 2 cars, and enough reserves to give my daughter and son a house when they get 18 and make sure they to are carefree.
hot damn!
do you still work?
i'm in southeastern tennessee, and if i did not work, i would feel the same way as you. this is an awesome area, except for no access to inexpensive wine...it's like a mortgage....hmmm, maybe i should call my congressman about deductibility of wine.
We both still work. I'm a West European Marketing Manager for a fastener company like in your country Fastenal and Grainger.
My wife works as a Geological analyst engineer for one of the biggest dredging companies in the world who build for example palm tree island, the world... she actually programmed the dredging ships for that. Now she's working on a new Mexican harbor.
Actually, I'm a pretty big fan of Californian wine :)
You guys have very good wine yourselves that tip any Bordeaux and it getting a pretty big hit here.
Also south African wines are becoming pretty good.
A lot is changing my friend. Did you for example know that one of the best whisky comes from Korea now?
why would someone junk your reply. honestly.....
there are some very nice california wines, indeed. however, i really like things on your end. when my wife and i honeymooned in italy, we grabbed wine and paninis in the train stations and hopped trains. we were amazed by the quality of the wines, even at such wonderfully low prices.
korean whiskey, eh?
Lotte Chilsung's Scotch is the best.
It's still pretty hard to get by, but if you're a collector and willing to put a few bottles in your basement, this is the one.
The value will go through the roof for these in the next 10 years.
http://www.whisky.com/images/scotch_blue.jpg
Most wines are good, it's where, when and with who you drink it.
Like they say: If you drink it with a angel, you'll feel like in heaven ;)
But never drink red wine when you feel bad, because that will make you cry.
Which Mexican harbor? What Korean whisky?
wise up, to wines being shipped from other countries, especially Australia. do you really think they keep a cool constant temperature with the wine boxes? no, you have no idea if the wine crates have been sitting out on the dock for hours or days to be loaded. perishible is the biggest detriment to the wine industry. get a heated up bottle home and it just sucks. but everybodys palette is so messed up in america with all the processed food with salt and dog turds included. temperature swings are murder to wine. why the fuck would you buy wine from another country? support an Ag product made and cultivated in the US of A. local, bitches. basically one of the only consumer products still made in america. this attitude pisses the poop out of me. pretentious asses.
spoil your kids, much?
Your a good dad. Make sure they appreciate what they've been given.
hey, have some respect for us (a) dumb downed americanos,,,,,
it is L A B O R day weekend, Sudden down.
Because we have porous borders, and fewer Americans want to work hard with either their brains or their hands. Immigrants are willing to do both, and they do.
The entitlements are pretty sweet too.
Are we still oversold and over bearish or have we gotten overbought and overgiddy on a huge month to month drop in private payrolls yet?
Just pushin up, fishing for bagholders in desperation. Thats all theyve got.
I was just reading this on the cnbc site:
What strikes me is this: Why do they still call the west "the industrialized world"?
There's no more industry.
I say we should call it:
The Box-moving world
or
The Remote controlled world
anybody got a better idea? I do think it's time for a name change!
Only then will it become clear!
It's something small, but this might actually start a awareness!
There is no industry in the West, other than manufacturing dollars on printing press machines.
+++
(invest in paper mills?)
ever heard of a little company called Boeing?
didnt think so
Actually we supply almost all crucial fasteners for the 787.
A few companies doesn't cut it anymore. It's not anymore what is used to be in the industrial age where the name came from.
microsoft?
seattle has a few more. ever fly out of the seattle airport to china, first class is full of boeing and microsoft people.
How about waste paper and metal scrap world? I think those are the two biggest export products from the US. Have been for years I think.
We are underbought (by retail) and underpriced (according to analysts). All that is now needed are some heavy "bagholder" buyers.
Thats all theyre going for now, desperate push up to try to find bagholders.
Investors are believing it. Volume stroooong!!!
oh...wait...D'OOOHHHH!!!!
LOL yea, volumes at all time lows. Only high volume is the stream of BS from the Whore St media pumpers.
I think it was Malcom Gadwell who wrote the book "Tipping Point." I believe the thesis he presented and that Rosenberg is essentially correct with his prognosis. However, I must confess that I expected the economy and the stock market to have tanked by now. I countinue to be amazed at how slow this economic train wreck has been. One thing I did not account for was the resources people and institutions have to keep the whole ponzi scheme in play. Resources like spending the mortgage payment on things like food and I-phones, getting unemployment benefits for who knows how long, cashing in the 401K for beer money and smokes. I wonder what else I haven't accounted for that could forestall reaching the tipping point? If Japan is any example we may be in for a long wait.
Amazing what you can get away with when all laws are suspended to implement Banana Republic Wall St, while the SEC is busy all day watching internet porn.
sigmund, +++ spot on.
it's tough to predict the game's outcome when they keep changing the rules in mid-play. don't play.
i hear folks say "i wish it would just reset already and be done-with"... and understand the sentiment, but then i wonder what that would *really* mean, were it to actually happen.
extend-and-pretend - what a friggin' pisser to those trying to follow 'the rules'
Social Security Trust Fund now pays out $6 billion per month more than it takes in.
It is being kept alive by the huge deficit we are running (plus growing the Fed balance sheet by $1T plus didn't hurt).
As long as that can continue, the economy can limp along.
If we lose the ability to fund our deficit, it is all over.
I wouldn't buy this market with Monopoly money. The distrust of Wall St., the government, and the numbers it proffers forth are incomprehensible. How long can they continue to blow smoke up peoples' asses? I suppose just as long as people dwell in that kingdom of apathy. That they've been dwelling there for decades is reason enough to believe that this shit will continue.
I wouldn't buy this market with Monopoly money. The distrust of Wall St., the government, and the numbers it proffers forth are incomprehensible. How long can they continue to blow smoke up peoples' asses? I suppose just as long as people dwell in that kingdom of apathy. That they've been dwelling there for decades is reason enough to believe that this shit will continue.
Let's be honest we all expected this day to arrive that when the stimulus and massaged data plateau that the complete falsification of data was next. They will leave nothing to chance at this point. We are in for a hard landing that will make Sept 08 pale.
2 years of ZIRP
3 unemployment extensions
Dismissal of Mark to market
2nd round of QE
Record low interests rates
Prevention of Fed Audits
Record Gold levels
Held back inventory
FASB 166\167 delayed twice
Basel delay
And jobs are still being lost, homes are still foreclosing and prices continue lower.Nothing is working. You better believe they are panicked we just skirted Dow 10k once again and intervention and Euro bailouts were required to stem the tide.
don't hold back, john, what's *really* going wrong here?
:^)
What the hell is brewing?
This administration is desperate - the deception around economic reporting is becoming more and more rediculous by the week - and the media is in full air and ground cover mode. This situation worries me more than the acutal state of the ww economy - which we know to be teetering on the edge. Desperate power hungry assholes become irrational when they come under the spotlight. What scheme is this administration brewing for the purposes of distracting the sheeple from reality prior to the November mid-terms. I don't like this at all.
"This is the way the world ends
Not with a bang but a whimper."
T.S. Eliot
http://en.wikipedia.org/wiki/The_Hollow_Men
Who can say but I get the feeling that people are entrenching hard. We should have a hey are we figthing world war III right now economy before long.
Price of gold on Sep. 10th, 2001, the day before the horrible terrible Osama bin Subcontractor attacked us because he hates our Freedom Fries: $271.50. Current price of gold: $1,248 - up 360%.
Price of S&P 500 on Sep. 10th, 2001: 1,093. Current S&P 500: 1,105 - Up 1%
This does not take into account the dividends that one would have gotten from owning the stocks but I doubt that it would make much difference. “Current” price as of 4:30 PM September 3, 2010)
Gold up 360% stocks up 1%
Comrade peasants, we have been at war with the horrible terrible Islamo-fascists for almost nine years. Show me one war in all history without an increase in commodity prices or without an increase in the desire for gold, just one.
+100
the FT article on gold last weekend may signal the ramp in PMs to the sheep over the next few years (paper gold), bond market crash, rinse and repeat
I'm convinced now that the CB's will control PM prices and transfer wealth in the process so we can have our utopian state where the state is God
Nobody worry, a new bacteria has been discovered that eats debt and shits jobs
More appropriately, a Still-Birth/Life-After-Economic-Death adjustment from the creative non-accountants at the Gubmint Sadististics Office.
It's The Camps for you, Rosenberg. The Man doesn't like it when you pull the curtain back and expose him to the sunlight, you know.
melts
One more bit of kindling to add- The FDIC has not tango uniformed a bank since August 20.... back to the land of fancy... CB
So now the ADP has been taken over by the CIA as well (we already knew from Tyler's recent posts that the CIA took over the ISM). Yo ho ho and a bottle of rum.
The ISM reports have always been sloppy indicators. Ditto for NFP preliminary numbers. No surprise that they often disagree.
Stupidly, the ADP often gets faulted for miscalling the NFP preliminary numbers, as if those were some kind of benchmark of reliability.
Rosie is right on as usual.
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