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Australian Media Throws Up All Over 'Stellar' Jobs Report, Again
One month ago, when Austrlia released job numbers that too ridiculous to believe - they were a 6 sigma beat - the local mainstream media - very much unlike that of the US - threw up all over the numbers.
This is how Australia's primary media outlet, ABC, slammed the number with the following excoriating reaction of the economic propaganda, which would certainly have been censored in the US.
A fall in the unemployment rate from 6.2 per cent to 5.9 per cent in the space of one month? Be sceptical. Treat with extreme caution.
Nearly 60,000 jobs created in Australia last month? A fall in the jobless rate in Victoria of 0.7 percentage points? Predictably, the numbers moved markets. Yet the seasonally adjusted labour force estimates from the Australian Bureau of Statistics for October sound incredible and they should be treated as just that: not credible.
There were 44,640 minutes in October and, if you accept the estimate, 58,600 jobs were created. As the Age's economics editor Peter Martin points out, count only normal business hours, and that equates to 5.5 workers being hired each minute of the working day.
Even the economist known as "Mr Sunshine", Craig James of Commsec, is not buying it. "It's hard to believe that almost 60,000 jobs were created in one month with 40,000 of these jobs in full-time positions," was his response.
The ABS is itself cautions against placing too much credence on the monthly figures, which are based on a changing sample, particularly the seasonally adjusted data. The statistician encourages people to focus on the trend estimate (which had the unemployment rate unchanged).
And, after a series of stuff ups, revisions and methodological changes over the past year, there is even more room for caution.
Last year, the ABS was forced to abandon seasonally adjusted labour force numbers for a period after conceding they were unreliable. The former chief statistician recently said the data was not worth the paper it was written on.
And then, two days ago, when everyone was expecting Australian "jobs" to come back to earth, Australia comedian statisticians decided to shock and awe everyone by doubling down on grotesque economic "data" when the reported that in November, when consensus expected a drop of 10,000 jobs, the Australian economy "added" 71,400 jobs, the most in 15 years (this coming at a time when Australia's biggest customer is going through a hard landing), the US equivalent of 1 million jobs in one month.
The number was so ludicrous, it was not just a 6 sigma outlier: it was an 8 sigma!
While in the US this epic bullshit would have been paraded by the propaganda outlets left and right, in Australia once again, the media decided to call out the jobs "data" for what it is was: utter garbage.
And while last month it was ABC who dared to point out the goalseeked emperor is naked, this time it was the turn of the SMH. Here is what it said.
No one can accuse Employment Minister Michaelia Cash of failing to take advantage of an opportunity.
Presented with official employment figures that were literally incredible (impossible to believe), she took them at face value and trumpeted them in tweets and in a press conference as a triumph for her government.
There were 71,375 more Australians in jobs last month and 301,725 more in jobs over the year, and since January the unemployment rate has tumbled from 6.4 to 5.8 per cent. "It equates to around 2500 jobs per day," she told the press conference. "Over the calendar year, it's the highest jobs growth since 1989."
She could have added that it equates to one new job every 12 seconds, which it does if the jobs were only offered in working hours. It's even more than the 56,100 new jobs created in October, and way above the long-term average of 15,000 per month.
But it's not the real thing. The Bureau of Statistics makes that pretty clear. It's had a run of misfortune with its sample rotations.
The employment survey is massive - 26,000 houses and flats each month, representing about 50,000 people. But they are not always the same people each month. Every survey one-eighth of the survey is "rotated out" and a new one-eighth is "'rotated in". It stays for eight months.
Occasionally, the one-eighth that is rotated in is very different from the one-eighth that is rotated out, making the number of people in work appear to either jump or fall, even if the employment status of everyone in the survey hasn't changed.
It happened in October, and the bureau was upfront about it. It said then that only half of the reported jump in employment would have been seen if it had examined just the participants present in both surveys.
Now it has happened again, for the second month in a row. The bureau says that if it had restricted itself to comparing like with like, employment would have climbed a mere 5300 in November, a fraction of what was reported.
The dollar soared more than three-quarters of a cent on the news, climbing back up above 73 US cents. The traders weren't waiting to find out the truth, which is probably that employment is growing, but more slowly than we are being told.
The minister was asked whether she had concerns about the reliability of the figures. She said she did not.
So congratulations to Australia: at least you still have a media that thinks critically occasionally, and dares to question the bullshit it is being spoonfed. We can assure you that in the US such critical thinking will get your branded as a "conspiracy theorist" and almost certainly added to every terrorist watch in existence.
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http://countercurrentnews.com/2015/12/fbi-has-baby-removed-from-airplane...
They love that weak Aussie dollar.
2% interest rates, real jobs, low debt and the folks down under just can't stop talkin that Aussie dollar down...
low debt, bullshit http://www.zerohedge.com/news/2015-12-10/lets-just-hope-shipping-isnt-te... see this chart from the article
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2015...
Following U.S. best practice... "The ABS chocolate wheel has landed on 5.9 from 6.2." : )
its a bifurcated thang. We do have comparably low debt to GDP in terms of govt debt.
Private debt is a monster, tho
Massive housing bubble, the highest level of private debt in the world now I believe, a massive CAPEX cliff as mining implodes as commodity prices fall, investments in LPG infrastructure tanking, a moronic government awash with neoliberal economics for retards (trickle down, the wealth creators, etc). All is well in the economic wonderland.
They indoctrinate them early...
So much for that toddler buying a gun.
That is the real threat...killer babies.
Never happen here in the USSA, unless by complete accident! They are brainwashed from the get go.
I once heard a "reporter" aka... news reader say that their job was to make the world a better place! Not kidding, these tools are that far off course.
The one bit of good news is that the brainless assholes in the MSM are becoming less and less relievent!
The sooner the better!
How do you make the world a better place by spouting lies about the obviously failing economy and constant fear propaganda?
Oh, I get it. They want everyone to be schizophrenic to help employ psychiatrists and drug merchants. Great news for pushing up the money supply!
Calm down, they just took over the EU measurement method. Hookers, drug dealers, human trafficers all counts as GDP too.
Definately a fat finger!
I live right near the ABS here in Canberra. Will later be passing their main office on the way to the shopping mall. Maybe I should stop in and congratulate them on their ability to create such wonderful fairytales and yet sell it to the public as truth.
I'd say there's better things to do in Belconnen, but there really isn't :P
Ha ha yeah they had the big waterslide last weekend. I actually didn't go past the ABS this morning. I went to Westfields from the other side. Oh well looking forward to a trip to the Sth Coast this January if the world hasn't imploded by then. :)
Belconnen Mall was for a time the largest mall in the Southern Hemisphere and the foundation of Lowy's Westfield empire. Let's hope it doesn't have an asbestos problem....
If Mr Fluffy was involved at all, it probably does...
I expected better from Australia - really!
Don't worry cobber she'll be apples...!
The global control grid will take corrective action and someone will be spoken to about their treachery. When someone is straight up enough or slips up and calls out the BS I will periodically try to see how long it takes for them to be spoken to about what they've done. And then what they do to correct it if anything. Mainstream media whores are some of the worst.
For example, on ZH the average turnaround time for someone being spoken to and for them to take corrective action on slip ups is <24 hours. The last one I saw was a ridiculous over correction that made the first obvious slip up or purposeful exposure even more obvious. I'll spare them the individual embarrassment and not point them out. They commonly receive a large number of up votes on their comments.
Don't worry guys, clearly its all under control.
With news like this we'll soon be seeing hundreds of thousands of jobs a month being created.
I think they will be the new working class code named serfs...
Leaders sound alarm on budget as economists predict billions wiped from revenue
http://www.smh.com.au/business/the-economy/leaders-sound-alarm-on-budget...The figures are probably ridiculous but when giving kudos for media critical thinking ZH should be aware of the politics involved.
Australia has a nominally conservative government (it had a fairly conservative government but there was a political coup to replace the PM Abbott, who stopped the illegal muslim aliens flooding the country and removed the "carbon" tax. with ex-GS scumbag Turnbull before the Paris global warming lovein).
The two media being quoted are the publicly-funded, extreme left broadcaster the ABC, and the rapidly going broke, once respected, now extreme left newspaper the Sydney Morning Herald (think NYT but more rabidly left).
Both outlets are wholly in the bag for anything extreme left, terribly upset about even the thought that ordinary Australians might say anything mean about muslims after each muslim atrocity and frothing at the mouth about Trump (and that was before he proposed a termporary suspension of muslim entry to the US).
What the hell are you going on and so much bigotry. Australia has retarded neoliberal government following the IPA agenda (free market stupidity to follow the highly successful US template) and is probably the most untalented in the country’s history. The ABC is hardly extremist and the papers are owned by media barons like Murdoch and are crap.
By the way not all boat people are Muslim. They tend to be the majority as we keep bombing their countries, killing their families and friends and funding religious lunatics. Blaming people for seeking refuge from something we created is a bit rich. In terms of atrocities how many people has the US killed since the end of WW2?
As well as nBMc's comment.
The SMH is a member paper to a group formerly known as the Spencer Street Soviet. for good reasons.
Both it and the Assinine Bent Communists go into orgasmic spasms when US data is released, and ask no questions about the accuracy of those figures. BOTH are heavily into the GlowBall warming fraud.
Watch ABC News 24 at any time of day and every second sentence contains "Climate Change".
MY money you thieving "White Guilt" Marxist arsewipes.
regards
Do they consider reading zerohedge a job nowadays?
They must have hired a lot of boat people to fill out some job applications!
Thinking of what Bill Clinton would say: "Huh, ha... you know... it depends on what the definition of a job is. Sometimes a cigar is just a cigar."
Somebody is getting a "job".
Do Bill's 14 yo fluffers pay taxes?
Milbank Advises on J.P. Morgan Asset Management – SunEdison Strategic Partnership’s Acquisition of Wind-Power Plants
http://www.milbank.com/news/milbank-advises-on-j-p-morgan-asset-manageme...
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http://www.vault.com/company-profiles/law/milbank,-tweed,-hadley-mccloy-...
======== I note that one Brian Caffyn from UPC Renewables, First Wind, now SUNE was thrown out of Australia some years ago. That has been kept quiet. I add the organized crime association and current geopolitical issues involved and see that certain folks at UPC/Evergreen/First Wind were involved in the Trans Caspian Pipeline and wonder why Terra Nova is a JPM entity, when Terra Nova is an Australian based oil/gas concern that specializes in the SE Asia region...
https://m.youtube.com/watch?v=n8Vm-jbNtd0
The Quid Pro Quo of the traitorous government-sanctioned mainstream media oligopoly in the United States of America is to unquestionably support Big Government Propaganda.
NPR ranks high as a key government propagandist. I used to support them with donations but as it became clear that they were just parroting government agendas such as climate change and homosexuality, I stopped being a "member".
Australian Government has made it much tougher to get unemployment benefits. So a lot of unemployed people, especially cash based employed people are leaving the system.
I am guessing that part of their formula for deciding how many people got jobs is how many people got off unemployment benefits. This will revert back to normal in a few months.
On the topic of media, its amazing to me that overseas media is driving investigative journalism in the USA. The USA media seems to be totally bought out i.e Chicago Police investigations.
ABS no different to BLS - both know which side their bread is buttered on.
Why are you guys surprised?
Human reactions to the news no longer matter-- only what the algos think. So, by telling the algos what they want to hear, the market goes up and the propagandists make a pretty penny on their reportage.
It's the new paradigm in action. Humans in service to robotic overlords who decide whether the lowly carbon creatures will be rewarded or punished.
-- - the Australian Government (Joke) is getting its ideas (and orders) from the USA. While at this stage things are not as bad as the in the USA we are never the less stupid to be followers of Worlds Worst Practices. The false jobs report is just the tip of the iceberg.