The new monthly unemployment rate was announced this morning:
My friendly neighborhood Tyler Durden says it's a "Complete preelection 'massaging' farce," but I don't understand how it was done.
Waaah. Why didn't I stay with that statistics course? I never should have settled for taking an 'Incomplete' rather than sweating it out. Not only did the 'Incomplete' likely turn into an F but to this day I cannot comprehend how statistics are manipulated, except on the most rudimentary level (i.e. fractions).
If you understand this, maybe you can explain it to me. Tyler writes:
The reason: the biggest reported jump in the number of employed people since January 2003, at +873,000 to 142,974. At least according to the Household data survey, which just happens to be used in the calculation of the unemployment rate. Just little bit off from the Establishment survey of +114,000.
...and the diverging path of U-3 and U-6 unemployment rates.