Hiring data skewed by census workers
While everyone has been touting the hiring data released by the government, which supposedly supports a great rebound in the economy as 162,000 "new" jobs were added. Supposedly this is the largest gain since March 2007, and the dollar went up in response to the dubious numbers.
Why do I say that, the disingenuous data includes 48,000 census workers who will have a six-month job and then get released. To even include them in the numbers is dishonest, there should have been an asterisk included pointing out the fact of the census workers being included.
If you take the numbers without the 48,000 census workers, they were in reality a disaster, as they would have come in at 114,000, far below the 200,000 analysts were looking for. Even the 162,000 was far below expectations, but somehow that is again spun as positive.
Just remember, those 48,000 people will be out of work in a few months. If you want to call that increased hiring, go ahead, just keep in mind how many people were really hired when analyzing the data and making decisions based upon it.
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