Charles Biderman on why you shouldn’t trust tomorrow’s jobs report from the Bureau of Labor Statistics.
Hat tip to Tyler Durden, who adds:
The simple truth, as Charles notes, is that even the BLS doesn’t believe its own hype (in its footnotes) and while mainstream media and talking heads will quote the unemployment rate or NFP change as if it was transcribed by the hand of God, it is in fact an extremely ill-formed, very narrow survey with such huge statistical noise as to be entirely useless.
What I didn’t realize until watching Biderman today is, we don’t need the BLS’s guesswork. “Realtime data is readily available” of exactly how many people are working and how much they’re making — collected daily by the IRS. “Data that’s not looked at,” Biderman adds.
I suspect looking at that data would require far fewer bureaucrats at the BLS.