Friday, November 14, 2014

US Payrolls Numbers Are Make-Believe

The latest rosy national jobs picture is a "paint-by-numbers delusion" that hides a brutal erosion in the nation's employment picture, according to David Stockman, U.S. budget chief in the Reagan White House.

Stockman, not one to sugarcoat the failings of Washington, D.C. — or of the Federal Reserve in particular — said the delighted squeals of the "bubblevision commentariat" (his characterization of traditional financial TV coverage) about the October employment report were bogus.

"Well, now. Here we are nearing the end of 2014 and the nation's once and mighty 'jobs machine' is fixing to utilize no more labor hours this year than it did way back at the end of the 20th century," he wrote on his

No comments: