{"id":68607,"date":"2009-12-07T08:10:07","date_gmt":"2009-12-07T13:10:07","guid":{"rendered":"http:\/\/www.businessinsider.com\/david-goldman-10-reasons-to-doubt-the-governments-rosy-employment-data-2009-12"},"modified":"2009-12-07T08:10:07","modified_gmt":"2009-12-07T13:10:07","slug":"david-goldman-10-reasons-to-doubt-the-governments-rosy-employment-data","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/68607","title":{"rendered":"David Goldman: 10 Reasons To Doubt The Government&#8217;s Rosy Employment Data"},"content":{"rendered":"<p><img decoding=\"async\" class=\"float_right\" src=\"http:\/\/static.businessinsider.com\/~~\/f?id=4b1cfe6c0000000000134929\" border=\"0\" alt=\"labor \" \/><\/p>\n<p>David Letterman-style, David P. Goldman lists the <a href=\"http:\/\/www.atimes.com\/atimes\/Global_Economy\/KL08Dj05.html\">10 reasons to &#8220;scrooge&#8221; the unemployment number<\/a> the government announced last Friday.<\/p>\n<p style=\"padding-left: 30px;\"><strong><em>10.<\/em><\/strong> As noted, nearly 300,000 people disappeared from the labor  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tforce, yet the BLS reports no increase in &#8220;discouraged workers&#8221; or workers  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tforced to take part-time jobs for economic reasons. \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p> <strong><em>9.<\/em><\/strong> Private sector service jobs supposedly increased by 51,000,  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tyet the National Institute of Purchasing Managers&#8217; (NIPM) survey shows that  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"IL_AD\">services employment<\/span> fell during November. The unexpected drop in the NIPM  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\treport, which is a reasonably good advanced indicator of economic activity,  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tdoesn&#8217;t square with the BLS report. \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p> <strong><em>8.<\/em><\/strong> The reported improvement in services was driven by an 86,000  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tincrease in temporary employees in &#8220;administrative and <span class=\"IL_AD\">support services<\/span>&#8220;. There  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\talmost certainly is an element of truth in this report, but it is not  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tnecessarily good news. The biggest hiring boom stems from the huge backlog of  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"IL_AD\">home foreclosures<\/span>. With one out of eight American homeowners behind on <span class=\"IL_AD\">mortgage  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tpayments<\/span>, <span class=\"IL_AD\">the Wall Street Journal<\/span> on November 19 reported, &#8220;Mortgage  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\trestructuring for strapped homeowners has emerged as a rare growth area in the  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\teconomy as companies in the field keep hiring. Four of the largest mortgages  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tservicers &#8211; Bank of America Corp, Citigroup Inc, JP Morgan Chase &amp; Co and  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tWells Fargo &amp; Co &#8211; have collectively hired almost 17,000 people this year,  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tmostly to work with financially ailing homeowners. With the number of defaults  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\trising, many are planning to keep adding staff.&#8221;<\/p>\n<p style=\"padding-left: 30px;\"><strong><em><a href=\"http:\/\/www.atimes.com\/atimes\/Global_Economy\/KL08Dj05.html\">Read the whole thing at Asia Times Online &gt;&gt;<\/a><br \/><\/em><\/strong><\/p>\n<p><a href=\"http:\/\/www.businessinsider.com\/david-goldman-10-reasons-to-doubt-the-governments-rosy-employment-data-2009-12#comments\">Join the conversation about this story &#187;<\/a><\/p>\n<p><b>See Also:<\/b><\/p>\n<ul>\n<li><a href=\"http:\/\/www.businessinsider.com\/trimtabs-the-real-job-loss-number-was-255000-2009-12\">TrimTabs: The Real Job Loss Number Was 255,000<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/michael-panzner-an-alternative-read-on-todays-bullish-jobs-data-2009-12\">The Good Jobs Data Was All Temporary Workers And The Public Sector<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/is-the-unavailability-of-seasonal-gigs-screwing-with-the-governments-unemployment-data-2009-12\">Lack Of Seasonal Work Is The Real Reason To Question The Official 10% Unemployment Rate<\/a><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/TheMoneyGame\/~4\/2h4gzBXs0HY\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>David Letterman-style, David P. Goldman lists the 10 reasons to &#8220;scrooge&#8221; the unemployment number the government announced last Friday. 10. As noted, nearly 300,000 people disappeared from the labor force, yet the BLS reports no increase in &#8220;discouraged workers&#8221; or workers forced to take part-time jobs for economic reasons. 9. Private sector service jobs supposedly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-68607","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/68607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=68607"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/68607\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=68607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=68607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=68607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}