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  • Is the Crowd Wrong on QE2? (Numbers "fiddling" by BLS created 200,000 phantom jobs last month)

    11/08/2010 1:54:03 PM PST · by Qbert · 14 replies
    Barron's ^ | 11/6/2010 | Alan Abelson
    [Snip] THE JOBS REPORT FOR OCTOBER was released by the Bureau of Labor Statistics on Friday, and at first blush was surprisingly strong, much stronger, indeed, than expected. Payrolls expanded by 151,000 and the two previous months' were revised upward. But hold the hurrahs. The unemployment rate was stuck at 9.6%, and, toss in the underemployed and the rate remains at an elevated 17%. Moreover, the household version of the employment picture was a real bummer, showing an employment drop of 330,000. That especially weird disparity between the household and the payroll reports made us do a double-take. Happily, the...