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February 03, 2010

Bloomberg: Govt unemployment figures may be vastly understated due to modeling flaws

Here we go again with the bogus models.

...The model added about 184,000 jobs to the payroll total last quarter compared with a 135,000 increase in the same period in 2008, before the financial crisis deepened with the collapse of Lehman Brothers Inc.

“This birth/death model is still assuming that we are getting new jobs from new-business creations,” David Rosenberg, chief economist at Gluskin Sheff & Associates Inc. in Toronto, said in an interview...

...“These additions are coming somewhere from ‘Alice in Wonderland,’” he said...

The government is adding fictitious jobs attributed to non-existent companies. M.O.D.E.L.S. -- is there nothing they can't do?

H/T commenter curious

The Black Plague [ace]: This animation showing unemployment growth by county features 10+% rates indicated by black. (No, not racist, black as in "black hole of joblessness."

Messiah.

Thanks to JimS.


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posted by Purp at 01:43 PM

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