Yea Right... http://www.bls.gov/web/cesbd.htm Largest Single positive adjustment on record http://www.bls.gov/ces/cesbdhst.htm The jobs number in May 07 was most likely negative... June July will confirm the job market is week, contruction layoffs will send number down. - Jobs GONE - Housing GONE - Consumer spending GOING - USA personal DEBT STILL THERE !! USA Stocks and WORLD Stocks DOWN...come Sept to Dec 2007
So they added 317,000 to the nonfarm payrolls number to capture jobs created by new businesses? Am I reading that correctly? Good thing they didn't create a headline from this paragraph from the commisioner's statement, regarding the household survey:
the consensus for job creation was around 90,000 give or take and the BLS adjustment magically got it there........... Isn't magic fun?
I have posted before, job growth, as is a lot of economy is not easily captured data with growing influx of black market labor. Construction, meatpacking, healthcare, hospitality, etc is ILLEGAL labor and will not be accounted for accurately. Hundreds of thousands of jobs coming and going. Same with savings and spending, actual income.... Why do you think their is a collective yawn on Friday 5.4.07? When was the last time employment numbers were traded for more than an hour?
even though the data are cooked, rate policy is based on labor and housing..... both are tanking.....
I read today that the household survey for April came in at -498,000. Quite a difference between that and +88,000.
If a US company hires a worker in India, do they count that worker as 1 additional hire in the non-farm payrolls report, since it is for a US company?