More lies in dismal times
On July 30, 2011, less than 10 days back, I had written this post:
At that time, I never realised that I'll get an amazing (or awful, depending on your perspective) example from the US Official Statistics so soon to prove my point about the reliability (or rather the lack of it) of official statistics. Especially during these dismal times.
The latest Jobs report for July from the Department of Labour claimed that the unemployment fell to 9.1% and that the economy ADDED 117000 jobs in July.
Strictly speaking, the above report is indeed factually accurate.
However, like any good mini-skirt, it hides the vital parts quite amazingly. The real truth appears just beneath the surface. When you go into the details. When you look at the fine print.
For further details, take a look at this write up from CNBC:
As always, whenever the source of your data / information is from the Official Babus from any corner of the world, take it with a nice pinch of salt!