Karl Denninger:
The gushing over the employment report was enough to make me retch, and the fact that utterly nobody called anyone on it is even worse.
The U.S. economy added 321,000 jobs in November, the strongest month of hiring since January 2012, while the unemployment rate held at 5.8%, the Labor Department said Friday. The stronger-than-expected hiring figure puts the economy on track to post the strongest year of job creation in 15 years. Economists called the report “a blockbuster” and “surprising and encouraging.” Some economists suggested the report was so strong the Federal Reserve may consider starting to raise short-term interest rates sooner than previously expected. Here are more reactions from economists.
Really?
Is the number in the second column (November) higher or lower than that in the first (October)?
Those are the actual numbers reported from the household survey.
The economy “added” 321,000 jobs in November? No, the BLS added about 600,000 jobs to the number actually reported by households!
If you’re willing to simply “report” whatever is on the headline of a data release without bothering to read the ****ing thing first you’re not a journalist, you’re a shill or worse, a paid spammer.
If you’re willing to believe this sort of **** without reading the report first then you’re a low-information voter and deserve what you get when your view of the economy and the world around you turns out to be 180 degrees from reality.
Yes, on the numbers this is still positive on an annualized basis due to the positive number last month — a month that is normally negative. But this month was negative on the household survey, and quite-strongly so, implying that this was simply an oscillation last month and not a trend.
