Today, the BLS put out the new labor data for the United States. As usual nowadays the headlines in the media did hype the data to a point where you’d actually think they didn’t bother to read the report much less try to understand it.
Thank God, there are some people willing to do this work. Here is one of them, Chris Martenson:
The release of the July unemployment report was filled with a wide array of distortions and inexplicable results (especially from the Birth-Death model) which have undoubtedly resulted in a better-than-warranted reported gain. In this post we’ll explore these oddities in some detail.
The full post is well worth the read.
This really poses some question as to the quality of the statistics the United States Government doles out. Interestingly enough, the urge to adjust the data to your own ‘reality’ is not limited to the US, we know that China does it as well.
Some time ago, there was a controversy in Argentina about the quality and reliability of their government statistics agency, the INDEC.
Jacob Ryten, a statistics expert, adviser of many governments said:
“Argentina is the only civilized country I know that the government has made a deliberate attempt, financed with public funds to misinform public opinion on such a crucial index”, said Ryten who was educated at the London School of Economics.
I was wondering in my Spanish blog that Argentina was hardly the only civilized country to do that and that the US and China did it as well.