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Reply #62: Karl Denninger: The Employment Report Is An Intentional FABRICATION [View All]

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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 09:57 AM
Response to Reply #56
62. Karl Denninger: The Employment Report Is An Intentional FABRICATION
Edited on Fri Dec-02-11 10:19 AM by DemReadingDU
12/2/11 The Employment Report Is An Intentional FABRICATION

***This part is the original version, click link to see revision.***

I have to call this report an intentional lie. I don't buy the largest drop in "not in labor force" on an annualized basis since my charting began going back to 1999, nor do I believe the claimed 125,000 jobs when at the same time the government claims that the population of the United States went down by 1.5 million people, and of those 1.5 million people who died (above replacement rate) 1.2 million of them were "not in the labor force."

I don't recall reading about a monstrous rash of deaths (presumably mostly suicides) over the last month constituting, on average, one in 200 working-age Americans with nearly all of them unemployed.

Yet that is exactly what you have to buy in order to accept this report as factual.

I'll go on record here and now: This report is a pure and intentional fabrication.


edit to add from Denninger...
So what we have here is a report that is nowhere near as strong as it appears.
PS: The original version of this post called the report an outright fabrication. The BLS site went unavailable for nearly an hour from the time I picked up the figures until I posted the Ticker, and when it was available again the figures were in different places. Among other things the original data showed a decrease in population, and not a small one either. I have updated the graphs above from the now-available data tables. Whether this was an error in their table or in my original pick-up I cannot determine at this point as I did not save the original copy off to local disk. In any event the report is not strong on a monthly basis and the lack of recovery in the employment rate bodes ill for the ability of the government to continue to spend, which is the "big picture" argument I've made since I began this series of reports.

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