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Friday, July 8, 2011

Wildly optimistic BLS survey reports 18000 new jobs in June

Yes, the US added 18,000 new jobs in June - that is if you revise downward May's Bureau of Labor Statistics Payroll Report by 44,000 - which is exactly what they did. Otherwise if you're one of the very few Americans able to perform the third grade addition: We actually lost 26,000 jobs. Lucky thing for our government the math is so complicated!

Now, you'll recall there is also the Household Employment Survey that often is touted as far more reliable - when the numbers are good. So how did that go? Gee, glad you asked, actually: The household survey, (which also generates the unemployment rate), showed a month-to-month seasonally-adjusted employment plunge of 445,000 jobs for June 2011. What? Did you say a plunge of 445,000 jobs? No way! Way! So how come nobody on the Financial News networks is mentioning that today? I don't know. It's a mystery!

(The household survey measures the number of people who are employed; the payroll survey measures the number of nonfarm jobs - reflecting a count of individuals that is duplicated for those who hold multiple jobs).

Who think QE3 is right around the corner? I guess maybe the markets do because gold shot up on the news.

Meanwhile in related news:

July 8, 2011, 4:12 a.m. EDT

Swiss Parliament to discuss gold franc

Right-wing party seeks way back to gold standard

ZURICH (MarketWatch) — The Swiss Parliament is expected later this year to discuss the creation of a gold franc — a parallel currency to the official Swiss franc, with the fringe initiative likely triggering a broader debate about the role of the precious metal in the Alpine nation.

The initiative is part of “Healthy Currency,” a campaign sponsored by politicians from the right-wing Swiss People’s Party (SVP) — the country’s biggest — that is seeking to capitalize on popular fears about global financial turmoil and inflation to reverse the government’s current policy on gold.

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