"imaginary new jobs"

[gWbush is Mabus]

7:16AM Investors should not get too excited about the recnt labor report given last Friday - NY Post : The New York Post discusses Friday's labor report and suggests that investors should not get too excited about all those new jobs that were supposed to have been created in April. According to the article, the bottom line is that most of the 288K jobs that the Labor Department says were created last month may not really exist and they could be figments of statisticians' optimism. Back in the March employment report, the government added 153K positions to its revised total of 337K new jobs because it thought (but couldn't prove) loads of new co's were being created in this economy. That estimate comes from the Labor Department's "birth/death model." As staggering as the assumption about new co's was in March, the Labor Department got even more brazen in April as it was disclosed that these imaginary jobs had been increased by 117K to 270K for the latest month. Without those extra 117K make-believe jobs, the total growth for April would have been just 171K, which is sub-par for an economy that's supposed to be growing at more than 4% a year.

http://finance.yahoo.com/mp

fake jobs for a fake president

[peekaloo]

1. Geez I thought maybe a buncha new WalMarts were hiring.

:dunce:

I'm always curious as to where/what these jobs are specifically when these numbers are announced. Now I know, they're in the "imaginary sector".

[rkc3]

2. Nice find Smirky

I learned last week most credit card companies don't like to see fake jobs on my credit applications. They think I'll try to use fake money to pay them for the bills I'd run up.

Makes you wonder about what else is going on - like the 4% growth in the economy.

[enough]

3. As soon as you heard that jobs report,

you KNEW it was fake. The only question was how did they fake it.

This ought to be a scandal of its own.

[seabeyond]

4. i knew it knew it knew it

i have been waiting for this. i dont know why anyone is buying these numbers. this took a long time to come out. bushie said out loud, why not mcdonalds as production. adn then he says can give numbers yet we need to re figure the numbers cause the way we have done it the last 40 years isnt right. he says it out loud in january and then hey, march they went way up. a huge duh. jan and feb numbers were higher at beginning and revised. march the absurdly high number was left alone. geez assholes

did i say i knew it

[Richardo]

5. Everytime the analysts are "surprised" by the numbers...

...I'm convinced the Labor Dept is cooking the books for their boss.

These are independent professionals who have made a living looking at and modeling labor and productivity statistics, economic behavior, etc.

And then suddenly we have the best numbers in decades? Unexpectedly? Smells like lutefisk to me...

[teryang]

6. I've had three fake jobs since Dec.

The employer who laid me off, didn't want to pay me any more, but they didn't want me to leave either, so they offered me a job with no pay. Then a state agency hired me in February, but they really didn't hire. They called me back the first week in April to assure me I was still hired and I haven't heard from them since. I am now being trained by another employer who doesn't pay anything.

My wife who had been out of work for a year got hired three weeks ago. Two weeks after she was hired she was given notice, the company is going out of business.