Saturday, Oct 06, 2007
Seems like the US government can't stop the lies as well
Independent: US jobs figure that triggered Fed's rate cut 'was a mistake'
The surprise decline in US employment in August, which triggered a stock market panic and gave the Federal Reserve cover for a dramatic half-point interest rate cut last month, turns out to have been a mistake. The government revised its recent employment figures yesterday and said that rather than a 4,000 reduction in the number of jobs in August, the US economy in fact created 89,000 new positions.
Posted by uncle chris @ 10:01 AM (578 views) Add Comment
7 Comments
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1. Baudot said...
Revised government stat's show house prices increasing in the USA too. They were holding the graph the wrong way up.
2. whiteknight said...
hahahahahahahahahah.
The only thing left of any suprise whatever is that sane thinking people build this data into anything they are doing whatever.
3. planning4acrash said...
So Bernake didn't know that these figures could be revised? My sides are splitting!!
4. deepak said...
This is not a joke. How can such major institutions not see a blip. In any forward market you generally have figures for months and sometimes years ahead. This is just shambolic.
Such fall in interest rates with increasing jobs numbers will lead to higher inflation (i.e. because of jobs they pay for things)
And that has its problems itself.
To add: The higher the inflation the faster the currency de-values.
5. robh said...
The BBC story says that 100,000 jobs a month are lost through retirement etc, so 100,000 'new jobs' are needed to break even
So they are about neutral on those grounds
The headless chicken brigade, in my experience at work anyway, create a wake of chaos and mistakes in those around them
6. Winnie said...
Doesn't anyone smell a rat? The financial powers that be fixed this to ensure a cut.
7. shipbuilder said...
Is this the first step in an attempt to devalue the dollar? Is this on purpose? What would banks and government gain from this? A move to the Amero? I've no idea, but it all seems strage, allied with the sudden sell-off of dollars by Asian economies.