A Reason Not to Trust Friday’s BLS Numbers
This Friday the Bureau of Labor Statistics will release its guess as to how many jobs were created in April. The media nitwits will report whatever the number as if it were the gospel truth. Those who need the action will trade the number as if it means something.
It is sad to me that the BLS and everyone else but us ignores the fact that real time data is readily available on how many people are working and how much they are making. Where? Embedded in the withheld income and employment taxes sent to the US Treasury every day by all employers.
The truth is that the initial BLS new jobs number is a joke even in the eyes of the BLS. How do I know that? I just reread some BLS footnotes for the first time in several years. (full notes here).
Full video below.