How misleading are Economic Stats?

[MitchMan]

Stats are either properly presented in good form with technically correct labeling and are accurate, or they are not. The reader of the stats either understands them correctly or he does not. Mixed stats containing both technically correct info mixed with incorrect/mislabled info are contaminated and cannot be trusted. Unfortunately, it is up to the reader to discern the quality of the stats and to have the sufficient requisite knowledge and objectivity to be able to come to the correct/accurate interpretation of the stats. Depending on the compexity, it may take alot of skill.

To broadly call stats in general as faulty or not worthy of consideration because you believe that all stats can be used to misrepresent facts is just plain simplistic and wrong. Again, either stats are correctly presented or they are not, either they are accurate and true or they are not. Either you have the requisite sufficient knowledge to properly interpret or you do not. Take responsibility, don't blame the 'boogie man'.

I cannot tell you how many times I have seen so called professionals misinterpret reports, data, and financial statements or how many times I've seen them put together info in bad form (which renders the info, in most cases, absolutely useless). Most people are very assumptive, especially when it comes to financial and economic matters in both the micro and macro perspectives. That doesn't get you very close to reality.

 

[iamwhatiseem]

And by the way...stats used by the MSM are absolutely useless.
Such as the recent factory production statistics.

 

[william the wie]

The smell test is one of the major problems in all stats. In both "The Big Short" by Michael Lewis and "The Greatest Trade Ever" by Gregory Zuckerman the lesson is that those who relied on stats lost and those who simply looked at the market and went WTH won in the housing bubble. Some won big some won small but those who ignored the stats won and that is a damning indictment. In every stock crash since the invention of index options the same sorting out process crops up again and again. That is reality.

 

[Douger]

You're all going down and, when it confronts you, you'll know you fucked up..................Maybe
You idiots make me sad.