"Our Children and Grandchildren are not merely statistics towards which we can be indifferent" JFK

Friday, February 4, 2011

CNBC Hosted "Guess the Payroll Number" Gong Show and All Panelists were gonged.

CNBC delivers today's BS BLS Non-Farm Payroll Data and their esteemed panel blows off the number. Mark Zandi, almost pulled a John Boehner weep when he stated the numbers are meaningless. Mark later states the numbers make no sense. Mr. Zandi does not handle seasonal adjustments well when they embarrass Mr. permabull given his 140,000 new jobs projection. Of course at no time during the panel of experts diatribe did anyone mention the Department of Labor seasonally adjusting out over 1 million initial jobless claims during the prior 9 weeks. Economists are giddy when seasonal adjustments maintain the fictitious pace of recovery.

The Gong Show Winner is David Malpass who projected 220,000 new jobs and then states, "I really think there is an improvement in the economy though you can't see it." SAY WHAT!

The highlight is Rick Santelli opening a can of whoop a@* when Steve Liesman deemed the U-6 figure dropped to 16.1%. NOTE: once again, the seasonally adjusted number dropped from 16.7% to 16.1%. The Non-Seasonally Adjusted figure (a.k.a. real) increased to 17.1% from 16.6%. Non of the esteemed panelists opted to bring up that data nugget.

The Experts New Jobs Projections Episode

Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force.. .

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