A Conversation About Payroll Data That You Never Saw On CNBC

Posted on September 8, 2009 in Finance

Robert E. Bronson, III of Bronson Capital Markets Research put together this hilarious parody dialogue about the latest US payroll data and posted on The Big Picture:

A Conversation About Payroll Data That You Never Saw On CNBC
by Robert E. Bronson, III
Bronson Capital Markets Research

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Joereal at CNBC: We’re very pleased today to introduce Constant Pangloss for his take on today’s payroll data report.

Pangloss: Thank you, Joereal. I’m delighted to be here. Today’s report was just outstanding! To be factual, July’s loss of jobs was 44% less than June’s jobs loss and a huge 64% less than the biggest jobs loss in February! This “green shoot” is proof positive that the recession has nearly, if not already, ended, which is confirmed by today’s breakout bull market rally to a new intraday high at 1018 for the S&P 500!

Joereal: Did you notice that the 9.4% unemployment rate from the household survey would have been 9.7% rather than 9.4%, if some 422,000 unemployed people had not left the labor force during the four weeks prior to the survey, many of them so discouraged that they did not look for work because they know there are no jobs for them?

Or that the seasonal adjustment of the payroll data artificially created 28,000 jobs in the auto industry, when, in fact, automakers cut 8,600 jobs, so that the reported 247,000 jobs lost in July were really closer to 285,000 jobs or 15% worse than reported?

Pangloss: I’ll take your word for it, Joreal, but I find that hyper-technical, and in any case, it doesn’t change the solid uptrend of “green shoots” in the payroll data because of the current administration’s stimulus and their other constructive interventions.

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Read the rest of the post on The Big Picture

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