This page has been archived and commenting is disabled.
More Made Up Data From The BLS: Non-Farm Productivity Better Although Huge Prior Revision Wipes Out All 2011 Gains
The only economic data point of the day is a disappointment as non-farm productivity drops 0.3% on consensus of -0.9%, although we once again get an unprecedented revision from the BLS whose data can no longer be trust for anything, as Q1 productivity was cut by whopping 2.4% from 1.8% to -0.6%! This is the first consecutive quarterly drop since 3Q, 4Q 2008. Net, this is very disappointing data and means that the economic slow down is far more broad than previously expected. And, not at all surprisingly, we get the same thing with labor costs rising 2.2% on consensus of 2.4%. The kicker yet again is in the revision, which speaks for itself: from 4.8% to 0.7% in Q1. US economic reporting is rapidly becoming a bigger joke than the Chinese Department of Truth.
»
- 1543 reads
- Printer-friendly version
- Send to friend
- advertisements -
Revision Bitchez!
Data Backwardation Bitchez!
remember all those saved or created jobs..
here we come..
alx
<<< The kicker yet again is in the revision, which speaks for itself: from 4.8% to 0.7% in Q1. >>>
Unexpected...
Transitory...
Green shoot...
:)well, appears they are not green, not shots, not in USA
might be jsut frogs.
alx
I think it was from 0.7 to 4.8% which makes more sense that labor costs rising with less productivity??? What?
Oh, no, that's good! You see, all along it was 0.7, but we all thought it was 4.8 so everybody was getting really worried because if that's what 4.8 felt like, well, what would it be like lower? And that's not good. So now we know that it was really 0.7 all along and, hey, we know we were okay even so! And guess how awesome it will be when it's really 4.8! See, it's better this way!
I need a drink now.
Wow.
Would you be my counsel at my upcoming IRS audit?!
well ,dont touch china ..
at least they blow off already built road/houses..
here, nothing to show .. jsut empty baloons
alx
US economic reporting is rapidly becoming a bigger joke than the Chinese Department of Truth.
They are using the same play book!!
Nope, just another US function outsourced to China.
the same folks who created this system are changing the system.
nothing happening is happening by chance or "market forces". It's all a fraud brought on to affect the desired changes.
Relax and enjoy the theater. It wasn't yours to beign with
Relax. Nothing has changed.
The market has always been a fraud, it just takes really bad times to see behind the curtain.
Next year they'll tell us we were in a recession all of 2011. Asshats.
Yep, and 20 years from now they will tell the truth about what this really is.
pods
+1,000 Foodstamps
ya, but that will be revised to asscaps later.
"Old" news...this was "reported" in the GDP figures ....
Nevertheless, the GDP revision was china style
""Old" news...this was "reported" in the GDP figures .."
So, you're saying that this was priced in already? Rally time!
So was S&P or Obama correct. Obama uses a 5% growth rate......S&P a 2%......I think the S&P number is more correct...higher food stamp numbers....unemployment always at 400,000 plus.....great economy.....lots of taxpayers helping to close that deficit number...NOT
Manipulation at its finest. It kept the markets up at least 3-6 months longer than I expected. And I suspect I'm not alone in that thinking.
Why do you think the S&P gave up 19% in 13 trading days? Because everyone decided the numbers everywhere in the world couldn't be believed even if you wanted to believe.
Likewise. I even started questioning myself
In the corp world you'd get fired on the second revision report....you'r fired
Corporations do not have politics to worry about...
Tell that to S&P as the face the wrath of the senate.
But...but...but Bernank said in 2009, "the Recession is over."
This just in from the ministry of plenty. *Insert BLS report here*
Bullish, definately bullish.
What do you expect from the liar-in-chief?
Truth? Thats why ZH is here...
And people trade on this BS!!??
"And people trade on this BS!!??"
Apparently so - all three major indices solidly in the green as I type! (DJIA=+201, NASDQ=+55.11, S&P=+22.15)
Algos buyin' the dip?
And then there's the GDP revision for Q2 coming that tells us what we already know.
Yes, but what does Steve Liesman's model predict as a result of the undoubtedly Japan related noise in the data?
Ever see what happens when you don't pack a muzzle-loader properly?
With as much data as must be processed, with the nature of the data so compllicated, and with difficulty assessing the time range of any data point: How on earth can anyone constantly second guess all these answers? Economic reporting\finance reporting\even sometimes financial reporting ain't being run by perfect people and it aint a subject which gives anyone a perfect answer since you are often reporting on an unsteady income flow being evaluated over time. How soon do they get the data?
If this was really Propaganda? If they were really cheating? No revisions and only rosy numbers. The fact they revise and give negative news should be taken as a GOOD sign if you want honest answers. They are trying to get it right.
ZH does no favors playing up lack of omniscience as proof of some conspiracy. Better to point out these figures have a normal uncertainty of 5%-10% or more.
Yes honest data has a + or - range. When is the last time you saw a report that had to be revised to the GOOD side? The reports are always rosey and the reason the revisions don't mean anything is the mass media report the numbers blowing trumpets on the evening news and then the revisions are buried where J6P never hears about them.
If they are not paying you to be an apologist you are throwing away income.
Wholesale Camera
Arts Crafts
Electroluminescent
Wholesale Mug
Wholesale Clocks
Lunch Box
Promotional Gifts
Cleaner Products
Wholesale Coaster
Wholesale Album
Vocal Concert Products
Wholesale Shoe
Wholesale Cards
Wholesale Scale
Wholesale Belt
Wholesale Mobile Phone
Wholesale Kitchenware
Wholesale Pedometer
Wholesale Wallet
Wholesale Keychain
Wholesale Pom Poms
Wholesale Raincoat
Wholesale Watch
Computer Accessories
Wholesale Lanyard
Wholesale Toys
Wholesale Tellurion
Arts Crafts
Reflective Safety Vest
Safety Suppliers
Solar Products
Manicure Set
Water Bottle
Wholesale Bookmark
Wholesale Flag
Money Clip
Wholesale Scissors
Wholesale Knife
Wholesale Lanyard
Wholesale Flashlight
Computer Accessories
Hair Products
Wholesale Magnifier
Wholesale Camera
Wholesale Mirror