As Twinkies Die, BLS Finds a Sharp Rise in Post-Election Jobless Claims
On today’s edition of Coffee and Markets, Brad Jackson is joined by Francis Cianfrocca to discuss the closing of Hostess Brands because of a moronic union strike, a plan by Denny’s to hike prices to pay for Obamacare and a surprisingly sharp rise in jobless claims in the week after the election.
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Today’s BLS Numbers: Garbage In Garbage Out
If I wanted to be a political hack, I would tell you that this was a terrible jobs report because the unemployment rate rose .1% at a time when we are supposed to be experiencing only growth in the job market. However, the truth is that just like the past few reports which showed the U3 number declining were not good reports; this one is | Read More »
Why Today’s BLS Jobs Numbers Make No Sense
Every month, we try to break down the monthly employment report from the BLS and analyze it in plain English. Today’s report of September employment is so bizarre that it’s hard to comprehend, much less give over. The BLS puts out two surveys: 1)the establishment survey, which shows the growth in non-farm payroll jobs (as well as a breakdown by specific industry), surveys businesses and | Read More »
Obama’s Perfectly Timed and Absolutely Miraculous Jobs Report Makes No Sense
On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss the coincidentally miraculous jobs report for September and why these numbers make no sense.
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BLS: Workers Fleeing Obama’s Economy
Well, the Democratic Convention began with a Jimmy Carter endorsement of Obama and ended with a Jimmy Carter jobs report. Here is some Obama magic for you. The unemployment rate ticked down to 8.1%; the broader U6 rate ticked down to 14.7% from 15%. Yet there is not a shred of good news in this report. How so? Jobs created: The net increase in nonfarm | Read More »
Jobs Report: Stagnation Continues
The June jobs report from the BLS is out this morning, and the findings are not pretty. The headline number of the establishment survey is that only 80,000 net jobs were created last month, about 100k under the requisite amount to accommodate the population increase. The working-age population grew by 189k in June, according to the household survey. As such, there are now 29 thousand | Read More »
April Jobs: More is Less
The headline number from the BLS’s Establishment Survey was an addition of 115,000 jobs for the month of April. That is a terrible number for this far into the recovery, as it fails to keep up with population growth. At this time in the Reagan recovery, the economy added a population-adjusted 480,000 jobs. So why did the unemployment rate (U3 number) drop another 0.1% to | Read More »
What the BLS survey modification will and will not do.
You may have heard that the Bureau of Labor Statistics (BLS) has modified its survey of unemployment. There is probably going to be a good deal of confusion over what’s being changed, so let me summarize the situation. Official unemployment numbers are derived from the Current Population Survey (CPS), which surveys American households every month in order to gather various statistical data. The potential confusion | Read More »
June BLS: Job recovery stalled out.
UNEXPECTEDLY! Total nonfarm payroll employment declined by 125,000 in June, and the unemployment rate edged down to 9.5 percent, the U.S. Bureau of Labor Statistics reported today. The decline in payroll employment reflected a decrease (-225,000) in the number of temporary employees working on Census 2010. Private-sector payroll employment edged up by 83,000. Note, of course, that May’s job report was equally stalled-out; the 431,000 | Read More »