The Employment Deception
The BLS sends out surveys to businesses to get an estimate of how many jobs were created. These are actual numbers and there is little the BLS can do to change them.
But there is an additional factor to the employment number, a variable that is 100% estimate, and one that the BLS can pretty much do anything they want with.
The BLS makes an estimate of the number of new small businesses that were created and destroyed over the time period. We don't know how they come up with this estimate and we don't know anyone who does. From this estimate they further estimate how many jobs this process should create. We call this the Birth - Death Estimate.
In the number out today, out of the supposed 248,000 new jobs that were created, 195,000 or 79% of them came from the BDE! Out of last month's number, 78% was due to the BDA.
Do you see a pattern? Did you know that these numbers were mostly gobbledygook?
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