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What a SHOCK...Another horrible NFP payroll report!

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July 02, 2010 – Comments (3) | RELATED TICKERS: GVT , L , Y

As bad as losing 100,000+ jobs looks, this morning's NFP numbers are a lot worse than they appear.

The infamous Birth/Death adjustment added 147,000 jobs to the number. The B/D model has now added over 550,000 jobs that this 'adjustment' has added this quarter (April, May, June)!!!

The unemployment rate unexpectedly 'dropped' to 9.5% because OVER 650,000 people were dropped from the labor force! Where the hell did they go?

What a fantastic way to make the numbers look a whole lot better than they actually are! Simply create over 550,000 phantom jobs and then drop over 650,000 people from the labor force!

3 Comments – Post Your Own

#1) On July 02, 2010 at 9:06 AM, JGus (28.80) wrote:

TigerPack made a fantastic observation about our employment situation just a couple minutes ago:

[Comment From TigerPack: ] Here's the math - most economists believe we need +300,000 to +350,000 in job creation monthly in our current economy to keep the unemployment rate steady... During the first half of 2010, the economy added +200,000 each month on average, but somehow the unemployment rate has magically fallen from 10% to 9.5% HMMM... sounds like BEN has been using fuzzy math again to keep the masses calm and clueless.

 

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#2) On July 02, 2010 at 11:07 AM, cthomas1017 (98.63) wrote:

Except those numbers don't come from Ben.  If memory serves, it's under department of labor. 

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#3) On July 06, 2010 at 11:08 PM, eqsecrets (< 20) wrote:

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