Yesterday morning, before heading off to Aberdeen, I see this headline in The Guardian: Economists Hope US Jobs Market Bouncing Back. As seems to be the case each and every month, the supposedly learned economists of Wall Street have upped their rosy predictions for job creation just ahead of the official report.
After returning home from Aberdeen in mid-afternoon, I again checked my feed reader and saw this headline in The Guardian: Shock US job Figures Threaten Recovery Hopes. That's right. The brain trust that, only a few hours earlier, had predicted as many as 200,000 new jobs created turned out to be as wrong as wrong can be -- just like they are almost every single month.
Simply put, Wall Street economists appear to be complete doofusses!! Why does anyone pay the slightest bit of attention to them?
The consensus estimate for Friday's benchmark non-farm payroll data has risen from 90,000 new US jobs in June to at least 120,000, with some economists predicting as many as 200,000 positions were added in June.Hey, if Wall Street says Main Street is seeing a rebound, they couldn't possibly be wrong, could they?
After returning home from Aberdeen in mid-afternoon, I again checked my feed reader and saw this headline in The Guardian: Shock US job Figures Threaten Recovery Hopes. That's right. The brain trust that, only a few hours earlier, had predicted as many as 200,000 new jobs created turned out to be as wrong as wrong can be -- just like they are almost every single month.
US employers hired the fewest workers in nearly two years last month, pushing up the jobless rate and rattling financial markets.If nothing else, this continuing trend of not having the slightest clue should underscore for people why Wall Street shouldn't be running this country. I have shared with you over the past few months failed prediction and forecast after failed prediction and forecast. This time around their forecast was ONLY about 100,000 too high. My cat could do a better job!
Crushing hopes of a turnaround in the jobs market, companies became increasingly cautious about hiring new staff amid the continuing economic uncertainty and added just 18,000 jobs in June, the US labour department said, well below the consensus forecast of 90,000 to 120,000, and the weakest reading since September 2010.
The shock figures pushed the US unemployment rate up from 9.1% to 9.2% – the highest level since December 2010, when it stood at 9.4%.
Simply put, Wall Street economists appear to be complete doofusses!! Why does anyone pay the slightest bit of attention to them?
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