Posted on 06/05/2020 11:58:01 PM PDT by MarvinStinson
May’s jobs numbers released by the Bureau of Labor Statistics Friday shocked economists, who expected something starkly different from the 2.5 million payrolls added and lower 13.3% unemployment rate.
Economists estimated that the country would lose 7.5 million jobs. The unemployment rate was expected to hit 19%.
In notes circulating following the release, dumbfounded economists struggled to get their jaws off the ground.
“In one line: Rather startling,” wrote Pantheon’s Ian Shepherdson. “The biggest payroll surprise in history, by a gigantic margin.”
ING’s chief international economist James Knightley called the report "simply astonishing."
“Somehow the US jobs market has come back from the brink with employment surging 2.509 million despite none of the labour demand surveys suggesting this was remotely possible,” Knightley wrote. “The biggest data surprise in history?”
“Apologies — this has taken a little longer to write having just fallen off my chair and broken it,” Knightley wrote. “This was so far away from what anyone was expecting. It is simply astonishing given the slow pace of reopening and the fact that more than 12 million people filed a new unemployment claim during the survey period.”
JPMorgan joked about the economists’ massive miss with a reference to Charlie Sheen’s pitcher character in the 1989 film “Major League,” who would hit the back stop. “Juuust a bit outside,” the bank wrote, echoing the sportscaster Bob Uecker’s understatement.
Allianz’s senior investment strategist for investor management Charlie Ripley said the numbers have made investors do a “double take.”
Shepherdson attributed the difference between estimates and BLS data to the fact that employers likely did much of the rehiring out of the limelight — a simple text or email to temporarily laid-off employees. This wouldn’t have shown up on formal data points that affect estimates, like ADP’s numbers that economists use.
(Excerpt) Read more at aol.com ...
So they were off by 10,000,000 jobs?!?!?
It is only astonishing to them because it did not go the way THEY WANTED....
The answer is DJT, but economist will never put it together.
So called “experts” and their perpetually wrong models:
Global Warming - STRIKEOUT!
Trump No Path To Win The 2016 Election - STRIKEOUT!
Economy Collapse If Trump Wins The Presidency - STRIKEOUT!
Coronavirus Pandemic 2.2 Million Americans Dead - STRIKEOUT!
May 2020 Another 7.5 Million Jobs Lost - STRIKEOUT!
It looks like they are about pitching a perfect game, aren’t they?
Experts do their math, their statistics, but never consider the strength of American will-power. This was just May with a few states opening with restrictions. Imagine when the restrictions are lifted. I’m going laugh my ass off at the Blue states that still insist on Draconian measures. They will lose even more employees/residents/revemie as they go to Red state for jobs. They never learn how basic economics work.
Thank you Jesus.
It has a tough year. One tough week followed by another tough week.
Praying for Trump and his Cabinet.
Mothers - Don’t let your children grow up to be economists. Most wouldn’t know accurate figures from the hole in their butt. Just look at Krugmann the Stupid. Case settled!
The Grinch hated work stuff! The whole work stuff season!
Now, please don’t ask why. No one quite knows the reason.
It could be his head wasn’t screwed on just right.
It could be, perhaps, that his shoes were too tight.
But I think that the most likely reason of all,
May have been that his heart was two sizes too small.
Whatever the reason, His heart or his shoes,
He stood there on Voting Eve, hating the Jobs,
...
Then the Jobs down in Jobville will all cry BooHoo!”
“That’s a noise,” grinned the Grinch, “That I simply MUST hear!”
So he paused. And the Grinch put his hand to his ear.
And he did hear a sound rising over the snow.
It started in low. Then it started to grow.
But the sound wasn’t sad! Why, this sound sounded merry!
It couldn’t be so! But it WAS merry! VERY!
He stared down at Jobville! The Grinch popped his eyes!
Then he shook! What he saw was a shocking surprise!
Every Job down in Jobville, the tall and the small,
Was working! Without government help at all!
He HADN’T stopped job stuff from coming! IT CAME!
Somehow or other, it came just the same!
And the Grinch, with his grinch-feet ice-cold in the snow,
Stood puzzling and puzzling: “How could it be so?”
“It came with out job bills! It came without rules!”
“It came without subsidies, decrees or fools!”
And he puzzled three hours, till his puzzler was sore.
Then the Grinch thought of something he hadn’t before!
“Maybe work stuff,” he thought, “doesn’t come from Al Gore.”
“Maybe work stuff...perhaps...means a little bit more!”
The beautiful thing is that some democrats, those with even slightly open minds who are no worse than the Grinch, will learn from this. They will be our added Trump voters in November.
https://quoteinvestigator.com/2019/04/10/one-handed/
...the late Dr. John R. Steelman, Assistant to the President, recalled that he was in President Truman’s office one day with Dr. Edwin Nourse, the first Chairman of the Council of Economic Advisers. Dr. Nourse, as economists are wont to do, was saying, “On the one hand … but then, on the other hand,” etc. After he left, Truman told Steelman that he had no idea what Nourse had just told him. Truman then said, “John, do you think you could find me a one-armed economist?”
I’ve heard that if you line up all of the world’s economists they would never reach a conclusion.
economists? meet The Basket of Deplorables. You’re welcome.
Something I’ve heard nobody factor in yet, is the rebuilding that will be required for all the burned-down, looted businesses and infrastructure of the past week.
The construction sector is going to be skyrocketing — just as we go into the November election.
When the governments ordered people to stop working, the economists (and the media) were surprised that joblessness rose significantly. Now, when the government allowed people to go back to work, economists were surprised that joblessness went down.
These economists (and the media) have to be the dumbest people on earth. I already knew that about the media, I’m just surprised that it includes most economists, too.
It was clear that Americans were sick and tired of being cooped up by the government over COVID-19 and were bursting at the seams with desire to get back to life as it used to be. This became obvious when Florida's beaches filled up with people on Memorial Day who were not strictly obeying the "social-distancing" rules.
In fact, many businesses were figuring out work-around hacks to get back to normalcy during the lockdowns.
And some of us just ignored the lockdowns and kept our businesses open anyway. Granted — I don’t work in an industry where I have to interact regularly with clients face-to-face ... but I have just finished up my best three-month period in several years. And I’m looking at a 2020 year that will be even better than 2019.
A practice run for what dumbfounded pollsters will be saying on Nov. 4, 2020
Well duh, businesses opened back up and needed their employees back. Look for more sadness, anger, and disappointment from the democrat media as these numbers continue to improve.
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