Friday, October 8, 2010

Employers in U.S. Cut More Jobs Than Forecast in September

From a Bloomberg article today:

http://finance.yahoo.com/news/Employers-in-US-Cut-More-Jobs-bloomberg-126013039.html?x=0&sec=topStories&pos=main&asset=&ccode=
The U.S. lost more jobs than forecast in September, reflecting a decline in government payrolls that shows the damage being done by rising fiscal deficits.


   So, the economists doing the forecasting are continually wrong month after month. What are they good for then? What else do they do in their offices? Play desktop pool? Surf porn sites? What?

Employers cut staffing by 95,000 workers after a revised 57,000 decrease in August, Labor Department figures in Washington showed today. The median estimate of economists surveyed by Bloomberg News called for a 5,000 drop. The unemployment rate unexpectedly held at 9.6 percent.

   I love the following sentence: "The unemployment rate unexpectedly held at 9.6 percent." Why should the unemployment rate at 9.6% be unexpected? Are the economists so out of touch with reality that these data points are "unexpected?" I've said it before and I'll say it again. Economists are useless. Worthless. They'd serve society better if they worked at a Staples or an Office Depot... at the copier machine. At least they'd be working with data that's useful for someone.

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