Okay gang, this brief Friday night acknowledgement that even I, Mr. Doom and Gloom, could not have anticipated a crappy report from the newly named Bureau of Delayed Statistics that are Meaningless (BDSM), formerly the BLS.
Thus this morning when I re-posted my Bohemian Rhapsody report (guess I don’t have a lot of Queen fans following me), the reality of what reported hit markets but the real reality of it not mattering did not until the end of the trading day.
SO for the record, my predictions are as below, the actual numbers in italic beside them:
Non-Farm Payroll: + 91,000 +22,000 (oof)
U-3 Unemployment rate: 4.3% Nailed it!
Average Hourly Earnings: +0.1% +0.3% Sure, sure
U-6 Unemployment rate: 8.5% (nsa) 8.2% Wut, wut, wut!
The bottom line is if anyone is using my dartboard please return it.
I do not believe the average hourly earnings data for one minute, nor the U–6 number reported.
Yet here we are with the administration promising “massive” revisions to reflect the “actual” numbers soon.
This brings us to asking just when oh when do we acknowledge that the CPI numbers are as full of as much bs also. Oh, wait, they look good, that must be from the good side of the BLS staff that didn’t get fired.