The Labor Department revises the numbers at least twice after they're initially released. Of course there are numerous reasons or excuses, some might say.
Yet frequent revisions to employment data suggest investors shouldn’t put too much faith in any one report. In the last 26 months extending to the start of 2011, the government has revised 19 monthly jobs reports to show bigger gains than initially reported. In some cases, job creation turned out to be much higher.
It's difficult to keep a straight face, but we'll try. The suggestion we shouldn't put too much faith in any one report is a misprint. It should read: investors shouldn't put much faith in any report.
Nineteen revisions, all of them upwards, in the last 26 months.
That's nearly 75% revision rate, again all upwards. Any hidden messages in there? Those are the kind of numbers most of us would love to have in Vegas, winning 75% of the time.
That's nearly 75% revision rate, again all upwards. Any hidden messages in there? Those are the kind of numbers most of us would love to have in Vegas, winning 75% of the time.
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