The Aftermath of Friday’s BLS “Findings”
Biderman on those BLS figures. Last Fridays’s Bureau of Labor Statistics release said 115,000 new jobs were created in April. However, if you read the footnotes, what Friday’s report really says was that the BLS is 90% certain that April new jobs were between 15,000 and 215,000. Mind you, the BLS did not say 100% only 90% certain. That means it could be negative or wildly positive.
Meanwhile, a 200,000 gap in new jobs is so wide that it makes the entire report meaningless.
Yet, not one story I read said anything other than 115,000 new jobs were added in April, as emphatically as if the 115,000 number came straight from the burning bush. Yes, our good friend Dennis Gartman did write about the plus or minus 100,000 uncertainty, but no one else I saw. Video below.