[lbo-talk] employment

[Nathan Newman]

Although I've been impressed with John Crudele, at the New York Post, who
for over a year has been analyzing the jobs reports as having more to do
with statistical games than real job booms or busts.  He argued that the
boom in jobs in the Spring was based on "mirage" jobs assumed to exist (ie.
not actually found in surveys) because of seasonal adjustments, then
yesterday correctly predicted today's terrible jobs numbers because the BLS
subtracts jobs in July based on their models.

The economy does seem to be doing a bit worse than in the Spring, but a lot
of the boom-and-bust is statistical noise, I think.

Nathan Newman

----- Original Message ----- 
From: "Doug Henwood" <dhenwood at panix.com>
To: "lbo-talk" <lbo-talk at lbo-talk.org>
Sent: Friday, August 06, 2004 9:22 AM
Subject: [lbo-talk] employment

Really weak employment report this morning - just 32,000 new jobs,
way way below both recent trend and expectations - and earlier months
were revised down. U.S. economy really seems to be slowing down....
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