This post, also by him, is a little bit gaspy and exclamatory, (like a tabloid trying to get atention by making things sound exciting) which is unlike him, but he is quoting someone else.
so when he brings more accurate numbers early via some change in weighting Trump wonât like it. If he continues to bring in adjusted numbers due to low participation Trump wonât like it. Looks like a dead-end job to me.
The BLS has been doing that survye since 1947 (or 1948) and has changed its methods (mulitplies) several times. Sooner or later it was goign to change them no matter what.
ADP used to use that same method and abandoned it a few years ago.
(ADP changes its mulitpliers too) in favor a a model developed by Stanford U. â> Since doing so ADP numbers
â> Point being BLS methods are so out-dated ADP abandoned them. Changing them is the right thing to do. (Firing the chick in charge is not.)
but it wasnât about the Stanford model else he would have brought her in and asked why she isnât using it and then decide on a change. Point is this wonât change anything on his dissatifaction with BLS unless the esteemed professor is willing to be The Great Massager.
To my knowledge no one is chalenging the BLSâs final number.
The problem is that they reort one se tof numbers and then wen the reviosions come in they have been HUGE compared to where they were in the past.
For a VERY long time (I have the data on another thread) half the revisions came in on one side and half on the other and the average revsion was 9,000 jobs.
Now all the changes are on the same side,
revision are routinely in the 60,000-120,000 range and
in the past three months BLS revisions have erased almost 400,000 jobs.
They are using a bad multiplier. And Dr. Entendorfer should have blown her own whistle and said âThese reveions are too big. Weâre gonna fix this.â
Just reference his TS post, he believes the final numbers are wrong because the âeconomy is boomingâ and by inference he expects them to be fixed by the new hire.
Of course he is gonna play it straight.
So did the last chick.
Problem with the alst chick was she kept saying "wel we know these preliminary numbers are crap so, weâ;; just put a little âpâ in parenthesis next to them. All the real numbers will come out in a few months anyway. No need to correct out method.
That is literaly what they do month after month.
â> The monthly revisions she was coming up with had gotten almost as big as the entire monthly change itself. (When the prelim numbers are that far off, what;s the point in even publishing them?)
Well I donât want to be backed i to defending Trumpâs decision to fire.(I discussed that at length in another thread,)
But hypothetically:
If your method is flawed, and you know your method is flawed you could, for political reasons, drag your feet on fixing it.