Thursday, March 13, 2014

They Actually Don’t Have A Clue About Employment And Jobs, Not In California

The great Wolf Richter has a great article on CA employment.  And the retort is "no, they don't".

So how do you know if the California economy gained or lost 30,000 jobs from one month to the next when the total job count is off by half a million? You don’t! And the geniuses at the EDD don’t either. Sure we want these reports. They give us something to mull over, the media something to palaver about, and the markets a reason to rally. After enough revisions, they might even paint a fairly accurate picture of how many jobs had been created, well, many months ago. And the unemployment rate – that 6.7% nationwide and 8.1% in California – will never be an accurate rendition of reality on the ground because it wasn’t designed to be. It was designed to nudge an unemployment debacle into the best possible light.

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