Why Today's Employment Number is FALSE

Todd Stein & Steven McIntyre
The Texas Hedge Report
Jul 8, 2005
Snippet Courtesy of www.texashedge.com

This morning, the financial press cheered the news of 146,000 jobs created during the month of June. But a look behind the numbers shows that jobs may actually have been LOST during June.

According to the US Dept of Labor (http://www.bls.gov/web/cesbd.htm), 184,000 jobs were created out of thin air and labeled as net new businesses during June. In fact, over half of the jobs created in 2005 have been derived from this new business 'birth/death' model.

Although it is not a straight apples-to-apples comparison, it looks like the real June employment number should be a LOSS of 38,000 jobs. (146,000-184,000)

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Jul 8, 2005
Todd Stein & Steven McIntyre
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