Rick Santelli ranting about jobs numbers
If I posted a link every time Rick Santelli of CNBCrazy goes off on some nutty rant the Visible Foot would get pretty repetitive. I just thought it was ironic that one day after I post about his bad economic analysis he goes off on this rant.
Santelli was was not the only one though who saw through these obviously "Unbelievable jobs numbers". Interestingly, no evidence is offered as to why the numbers are wrong except that they must be wrong because they seem to favor the President near election time. Here Menzie Chen actually looks at the data to see if there is anything out of the ordinary - and concludes it is well within statistical norms. Of course there was never any serious evidence otherwise.
What's really pathetic about the situation is that FOXers don't even realize that the numbers that they are accusing the BLS of doctoring are not that good even in their "doctored" form. The civilian employment to population ratio is essentially unchanged this year - and about 4 points off its 2007 high. Tim Duy has a nice review of the current state of the labor market.
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