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August 06, 2004

The Jobs Report

John Crudele at the New York Post is predicting a bad jobs report today, not so much because he thinks the economy is more in the ditch than in the Spring, but because the economic models used by the Labor statisticians artificially pump up jobs numbers in the Spring and cut them in months like July.

Read his analysis- it'll be fun to see if he's backed up by the numbers when they are announced.

Update: Score one for Crudele:
Economy Adds 170,000 Fewer Jobs Than Expected:

The economy added a paltry 32,000 jobs in July, well below the 200,000-plus that most economists had been expecting.

The results mark the smallest gain in hiring since December and follow a revised gain of just 78,000 in June, less than previously reported. May's payrolls also were revised down to show a gain of 208,000.

Fundamentally, our economic statistics are flawed, largely because we don't spend the money to collect much deeper and serious information about business activity.

Posted by Nathan at August 6, 2004 09:16 AM