• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Unemployment: Some "Good" News

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Wed, 11/10/2010 - 06:47 | 715754 cheap uggs for sale
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Sun, 11/07/2010 - 14:26 | 706750 BORT
BORT's picture

Does anyone understand the changes in seasonal adjustment that were applied to the recent data?  Some are claiming there was a large change in seasonal adjustments that made the number look better

THE JOBS REPORT FOR OCTOBER was released by the Bureau of Labor Statistics on Friday, and at first blush was surprisingly strong, much stronger, indeed, than expected. Payrolls expanded by 151,000 and the two previous months' were revised upward. But hold the hurrahs. The unemployment rate was stuck at 9.6%, and, toss in the underemployed and the rate remains at an elevated 17%.


Moreover, the household version of the employment picture was a real bummer, showing an employment drop of 330,000. That especially weird disparity between the household and the payroll reports made us do a double-take. Happily, the always astute Stephanie Pomboy of MacroMavens provided a quickie explanation:


"The seasonal bar which the payroll data must jump was (inexplicably and dramatically) lowered from prior Octobers."


Thus in October 2009, the BLS set the bar at 870,000 jobs, similar to the 840,000 it anticipated in October 2008. This year, by contrast, it lowered the bar to 768,000. Mumbo, jumbo, payrolls presented "an upside surprise" of 100,000.


According to John Williams at Shadow Government Statistics, the BLS' fiddling with the figures via what he calls "seasonal-factor games" actually created 200,000 phantom jobs last month. John cites such finagling as the reason his prediction of an October decline and a rise in the jobless rate was wrong. It also explains why seasonally adjusted payrolls were revised upward by 110,000 in September including 56,000 in August.


As we've observed before, those seasonal adjustments sure are magical: They can make it snow in the Sahara and be hot as blazes in the middle of winter in Siberia.

Sun, 11/07/2010 - 13:41 | 706717 onlooker
onlooker's picture

------“Benny continues with these QE's he is shooting himself in the foot.”------ Not to quibble about semantics, but Benny has shot you and me and our children in the foot. Not to mention the entire US population. 

Sun, 11/07/2010 - 13:57 | 706737 Everyman
Everyman's picture

Point ceded to you sir.  You are correct, he IS shooting us.  Can we shoot back now?

Sun, 11/07/2010 - 13:26 | 706696 BORT
BORT's picture

The total net imbalances in goods in international trade is about $600 Billion per year.  We have a positive imbalance in services of about $150 Billion, so I guess under your reasoning the QE is reduced by 20% of $450 Billion, or $90 Billion.

Sun, 11/07/2010 - 12:38 | 706631 BORT
BORT's picture

Gasoline this week at my station went from $2.75 to $3.10.  That's a net increase in required spending(tax if you like) of $48 Billion on an annual basis with average daily consumption of gasoline at 9 Million barrels per day.  I assume it will continue to go higher until the American consumer goes on a buying strike like they did in 2007.  Then we will see a big problem, I'm afraid

Sun, 11/07/2010 - 12:47 | 706647 Everyman
Everyman's picture

Good point Bort.  You can also take that as a percentake reduction in the TOTAL QE funds as well.  What a lot of people are not understanding is that as Benny continues with these QE's he is shooting himself in the foot.  Think about it.  Remember that the banks and all were looking for $500 Billion in QE2 and they came out with $600 Billion.  Ever stop to think "why"?.  It is the devaluation in dollars.  He wants $500 billion, but by doing so he devaluates the dollar from the .78x to .70, an 11% loss, add in the extra $1000 Billion! It seems as if he is expecting actually 20% reduction of our money, so we are down to a $450 billion actual QE now with the gasoline only.  Add in the rest of the food and commoditity inflation, and that QE looks pretty light.

Sun, 11/07/2010 - 12:29 | 706611 Everyman
Everyman's picture

We have had a steady and static rate of about 14.4 million people that say they are "unemployed" for the last year.  That is despite what the liars at BLS say. 

Add in the effect of what Benny the psycho is doing and just the movement in commodities and the dollar and there will be no hiring for a long time to come.  Take the dollar for instance, just in the last month and a half it has gone down from 78.x to flirting with 70.  That is .08/.78x and it is almost a backwards value of dollars in our hand being 11% less than it was a month and a half ago!  Add in the fact that commodities are up about 20-25% on average over that same month and a half, and we were devalued greater than 35% and it will accelerate.

NO BUSINESS is going to hire with a decreasing dollar value and an increase in commidiy prices!  The writing is on the wall, and this economy is so fucked and so over.

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