She loves me, she loves me not. Anyone remember that childhood flower-petal-picking game?
The economy is doing well, the economy is not doing so well. New jobs are being created, new jobs are not being created. The Fed wants to crank up interest rates--and most likely will--in a few days and as we've noted before they are data driven. Some might say, data paralyzed.
So you originally put out a feeler to see what the reaction is. It doesn't get the reaction you want. So you give it a little time and then you roll out a revised number. It's nice work if you're fortunate enough to get it. It's what a colleague calls economic plastic surgery. We fixed the nose last month. This month we'll doctor up the jobs numbers.
This “Jobs Friday” ritual is getting truly absurd. So it can’t be repeated often enough: These artifacts of the BLS’ seasonally maladjusted, trend-cycle modeled, heavily imputed/crafted and five times revised “jobs” numbers have precious little to do with the real health of the main street economy.
Indeed, the six-year run of job gains since early 2010 primarily represent “born-again jobs” and part-time gigs. In economic terms, they do not remotely resemble your grandfather’s industrial era economy when a “job” lasted 40 to 50 hours per week all year round; and most of what the BLS survey counted as “jobs” paid a living wage.
Not now. Not even close.
Don't drink the water. It's been recycled. More:
davidstockmanscontracorner.com/these-aint-your-grandfathers-jobs-why-fridays-rip-should-be-sold/
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