Census Hiring Makes Job Creation Look Better than it Did Pre Dot-Com Crash in 2000
What's our golden rule? Never trust the numbers. But if we did, we should be extra cautious of trusting May numbers and we have the Census to blame. OMG! the Obama administration doesn't see it this way and instead will likely tout these overinflated numbers as a sign that recovery is well underway. Which is exactly why Larry Summers would be asking for a second stimulus, right? Right.
The Hill has the story:
Economist Mark Zandi of Moody’s.com projects the economy will have added 575,000 jobs in May, while the Economic Policy Institute’s (EPI) rough projection is for 560,000 jobs.
Either figure would represent the largest number of jobs created in any month since the dot-com crash of 2000.
Vice President Joe Biden, speaking at a Democratic fundraiser on Tuesday, touted what he said would be a positive report for Democrats, who are hoping a revitalized economy will help them in this fall’s elections. He said the May report would be “well beyond” the 290,000 jobs created in April, according to Reuters.
The numbers pose a problem for the administration, however, in terms of their reflection of economic growth.
Zandi expects that only 150,000 of the jobs created in May will come from the private sector, with 425,000 new jobs sparked by the once-a-decade Census.
Wah wahhhhhh... I'm sorry, the numbers are fake anyway, you're telling me we have to make them extra fake to make them palatable? That's just sad.