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Black Swan Chronicles: Are Job Losses Actually Worse Than Expected?

• Rebel Trader
 

The earnings of BAC and of GE this morning have left some bitter taste for the bulls as BAC pulled up a huge loss and GE did not perform as well as could have been expected. Now it would appear that the “real” unemployment numbers have been actually worse than reported as the BLS (Bureau of Labor Statistics) announced it would have to revise the numbersdownward because of issues with the “birth/death model”…

It is not useless to recall that Chuck pointed out several times in his videos the issues with this “model” to explain those BTE employment numbers.

The Bureau of Labor Statistics (BLS) recently announced that they will be making downward benchmark revisions to past monthly nonfarm employment data that casts doubt on the validity of the recent figures as well. As we will explain, it is highly likely that substantially more jobs are now being lost than is currently reported.

The BLS makes annual revisions to the previously announced payroll reports to account for job increases or decreases that were not picked up 
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Florida Unemployment Rate Hits 11%

 

 
Florida's overall jobless rate hit 11 percent in September, up two-tenths of a percentage point from the previous month, the Miami Herald reports.

In Illinois, the jobless rate hit 10.5% in September, according to the Chicago Tribune.

Michigan's unemployment rate was basically unchanged in September, rising one-tenth of a percentage point to 15.3%.

The BLS will report all the state data this week.
 

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