OK. Well, the Big News on Friday, was the fabtabulous, sensational, super-duper, with a cherry on top, Jobs report for April. According to the BLS, (Bureau of Labor Statistics) 288,000 jobs were created in April. I pause for a minute to point out a key word here. "created".
For a majority of the 288,000 jobs reported created in April, were "created" from the minds of the BLS. 234,000 of those 288,000 jobs were added to the surveys by the BLS using their Birth / Death model. It was as if: We're Making it all up as we go along.
How does the BLS justify this? In their own words:
"There is an unavoidable lag between an establishment opening for business
and its appearance on the sample frame making it available for sampling.
Because new firm births generate a portion of employment growth each month,
non-sampling methods must be used to estimate this growth."
"Non sampling methods" is gov-speak for "guessing."
This explains why in the face of our amazing "recovery" the dollar has continued to drop.
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