More Uncovered, The Monster Belying Monster Jobs Numbers
I’ve always disliked the ritual of Payroll Friday because that’s what it is. The BLS doesn’t even measure the change in payrolls, for crying out loud. The government attempts to define a very wide interval into which the real labor market may have fallen. Even then it’s nothing like precision, especially at a low 90% confidence interval.
And don’t get me started on adjusting them for population, which no one does (+200k in 2019 was nowhere near what +200k had suggested in 1999 or 1984).