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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: LLCF who wrote (163604)5/3/2002 11:30:26 AM
From: Secret_Agent_Man  Read Replies (2) of 436258
 
March Payrolls revised lower by 79,000 (from +58K to –21K)
- February Payrolls revised lower by 2,000 (now from +66K to –2K to
–4K)

It is not very often you get a chuckle when reading about economic
statistics. That said, consider this headline from CBS MarketWatch:

"Firms add 43,000 workers, first gain in 9 months"

If the phrase first 'first gain in 9 months' is not enough to crack you into
hysterics I don't what is…

In fact, CBS and others were running the headlines 'first gain in 8
months', and 'first gain in 7 months' when the February and March data
was released as well. However, as it turned out revisions wiped out
these gains completely.

When you do the math (not accounting for the double revisions) over
the last 6 months initial BLS payroll estimates have been inflated on
average by +47,500. Did firms really add 43,000 workers in April?

fallstreet.com
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