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By Paul Craig Roberts on March 10, 2012 at 9:16pm
On March 9 the Bureau of Labor Statistics (BLS) announced that 227,000 new nonfarm payroll jobs were created by the economy during February. Is the governments claim true?
No. Statistician John Williams (shadowstats.com) reports that 44,000 of these jobs or 19% consist of an add-on factor derived from the BLSs estimate that 44,000 more unreported jobs from new business start-ups were created than were lost by unreported business failures. The BLSs estimate comes from the bureaus birth-death model, which works better during normal times, but delivers erroneous results during troubled times such as the economy has been experiencing during the past four years.
Taking out the 44,000 added-on jobs reduces the February jobs number to 183,000, but does not provide a full correction. In an economy as troubled as the US economy is, most likely the deaths exceeded the births, but we dont know what the number is. Was it 20,000? 50,000? What number do we deduct from the 183,000? We simply do not know.
read more No Jobs For Americans | The Land Of The Mega-Rich | VDARE.com
On March 9 the Bureau of Labor Statistics (BLS) announced that 227,000 new nonfarm payroll jobs were created by the economy during February. Is the governments claim true?
No. Statistician John Williams (shadowstats.com) reports that 44,000 of these jobs or 19% consist of an add-on factor derived from the BLSs estimate that 44,000 more unreported jobs from new business start-ups were created than were lost by unreported business failures. The BLSs estimate comes from the bureaus birth-death model, which works better during normal times, but delivers erroneous results during troubled times such as the economy has been experiencing during the past four years.
Taking out the 44,000 added-on jobs reduces the February jobs number to 183,000, but does not provide a full correction. In an economy as troubled as the US economy is, most likely the deaths exceeded the births, but we dont know what the number is. Was it 20,000? 50,000? What number do we deduct from the 183,000? We simply do not know.
read more No Jobs For Americans | The Land Of The Mega-Rich | VDARE.com