U.S. Economy Not Growing While Stocks Soar
The Bureau of Labor Statistics guessed that 236,000 jobs were added in February and everybody applauded. Yay, or should we say, “boo.” What most everyone missed is that even the BLS admits in a footnote to its February jobs press release that historically its initial number can be revised as much as 90 percent. A 90 percent revision to me means that the February 230,000 job number is meaningless. On the other hand, TrimTabs has been estimating about 100,000 new February jobs. Our estimate historically has varied less than 10percent from the final, revised BLS jobs number. The real numbers for this February will not be reported until March 2014. In other words, like most of what the U.S. government does, the monthly jobs number is a joke.