I almost think I should make posts of this nature a regular feature here. I could call it "Off Target." What am I talking about? As I have pointed out several times before -- in relation to weekly or monthly job reports from the feds -- new jobs created in June were LESS than predicted. It turns out that the 80,000 new jobs were 20,000 less than some predicted and a whopping 96,000 less than the Automated Data Processing prediction.
That latter prediction wasn't just a tad bit off; it missed the target altogether!
Imagine if a professional basketball player was this bad of a shooter. In no time at all, he would find himself out of a job! Who would hire him if most of his shots fell far short of the rim?
It just amazes me that these learned economists -- individuals and companies so widely quoted in the mainstream press -- continuously are off target. After awhile, you'd think that the press wouldn't dial them up, yet month after month they do and month after month their forecasts miss the mark, sometimes not even coming anywhere close.