Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: GraceZ who wrote (22897)	2/4/2005 7:15:51 PM
From: mishedlo	Read Replies (2) of 116555

Let's see.... stats.bls.gov They added 297,000 jobs that most of which probably never existed, slowly over time from August to December. They then subtracted 280,000 of those jobs in January. That leaves the number of imaginary jobs for the last six months at 17,000. I can believe that number perhaps. Heck I will believe triple that but not 297,000 (because I refuse to count selling junk on Ebay, or fianancial planners with one client). Construction is particularly glaring. I really doubt lots of new construction business were created in the last 6 nonths. I am also going to hazard a guess that not a lot of construction businesses went under in the last 6 months either. Yet supposedly we created 14,000 construction jobs ie. NEW BUSINESSES since August but in January 60,000 jobs died due to construction businesses going under. More than likely they really padded the construction jobs in the 6 months prior to that and are just now figuring out those jobs never existed. Business & Professional Services is interesting too. We supposedly created 83,000 jobs from August to December and destroyed 115,000 of them in January. Now perhaps they decided that all those people selling financial planning do not really hold a job. Then again if they did that, they probably should have killed 250,000 jobs. Where is real estate? Is that burried in Business & Professional Services too. If so they better be prepared to kill about 200,000 of those jobs next year. The whole thing is a crock. Mish

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