Wednesday, August 10, 2022

Government Accuracy

The "Employment Survey" produced by the government's Bureau of Labor Statistics (BLS) reported that the economy produced well over 500,000 new jobs last month, which was hailed by the media as proof that there is no recession and that the economy is growing like mad. The stock marked soared.

The "Household Survey," also produced by the BLS, reported that there were only 150,000 newly employed persons filling those newly created jobs. That should have created some suspicion about the jobs report, but it was ignored.

Do economists think that each of the newly employed persons filled 3.33 new jobs?

1 comment:

  1. Bruce8:51 AM

    yes if they are filling multiple part time jobs. Or reports are lagging each other. Or other creative accounting /reporting.