Thursday , January 27 2022
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The Great Disconnect

Summary:
Needless to say, the “disappointing” 210,000 jobs number for November is completely meaningless—and not just because the unusually large negative seasonal adjustment looks a bit sketchy. The fact is, the monthly delta is always mostly context- and trend-free noise that gets adjusted and revised ten-ways-to-Sunday for the next five years. Yet when you look at […]

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Needless to say, the “disappointing” 210,000 jobs number for November is completely meaningless—and not just because the unusually large negative seasonal adjustment looks a bit sketchy. The fact is, the monthly delta is always mostly context- and trend-free noise that gets adjusted and revised ten-ways-to-Sunday for the next five years. Yet when you look at […]
David Stockman
David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

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