Presidents change but the public being BS’d by officialdom is a rock solid constant:
Something Strange Is Going On With Nonfarm Payrolls ~ Tyler Durden, Zerohedge
To me this was one of the most important media entries of last week. To set things up earlier this month the DOL released the employment report for February and once again, the DOL claims the economy added another 295,000 jobs to the labor market. The stock market went wild setting new highs but……
So a pattern emerges: we have an economy in which jobs and only jobs are acting as if there is a strong recovery, while everything else is sliding, disappointing economists, and in fact hinting at another contraction (whatever you do, don’t look at the Fed’s internal model of Q1 GDP).
To be sure, economists these days are better known as weathermen, and so they are quick to blame every economic disappointment on the weather. Because, you see, they were unaware it was snowing outside when they provided their forecasts about the future, a future which should be impacted by the snowfall that day, and which they promptly scapegoat as the reason for their cluelessness. Yet one wonders: why didn’t the harsh snow (in the winter) pound February jobs as well? Recall last year’s payroll disappointments were immediately blamed on the weather which was just as “harsh” as this year. Why the difference?
And yet, today this rising “anomaly” between Nonfarm Payolls “data” and everything else, hit a crescendo, and some – such as Jim Bianco – have had it with the
liesanomalies, which prompted him to ask the following:
Why Are Construction Jobs and Housing Starts Telling Different Stories? Is The Problem Non-Farm Payrolls
Bloomberg.com – Housing Starts Plunge by the Most in Four Years
Housing starts slumped in February by the most in four years as bad winter weather in parts of the U.S. prevented builders from initiating new projects. Work began on 897,000 houses at an annualized rate, down 17 percent from January and the fewest in a year, the Commerce Department reported Tuesday in Washington. The median estimate of 80 economists surveyed by Bloomberg called for 1.04 million. “It was just the weather, basically,” said Richard Moody, chief economist at Regions Financial Corp. in Birmingham, Alabama. Still, “my view of the recovery in single-family housing is that it’s coming more gradually than others think.”
So while housing starts plunged in February per the Commerce Department what is DOL saying is happening with residential construction jobs? Another graph is in order: Continue reading “Monday Finance and Economy: “Something strange is going on with Nonfarm Payrolls””