August Payrolls Were 58,000 Below the July Payroll Levels Reported
One Month Ago
Concurrent Seasonal-Factor Adjustments Mute Bad News
August Unemployment Rates: 9.1% (U.3), 16.2% (U.6), 22.8%
Money Supply M3 Growth Slowed in AugustOpening Comments and Executive Summary.
The U.S. employment picture is much worse thstan reported, thanks partially to the Bureau of Labor Statistics’ (BLS) use of gimmicked revisions, which are a natural fallout of the “concurrent” seasonal-factor adjustment concept used in the payroll survey (alsoused by other statistical bureaus in reporting series such as retail sales and new orders for durable goods).The effect has been to mute the reported impact of layoffs, with
the result that today’s (September 2nd) seasonally-adjusted downside revisions to recent employment levels were shy by at least 85,000 jobs