I don’t know what any of this means, but it sure sounds scary
June 9th, 2008 at 09:21am Pat Cunningham
So, this British guy with the wonderful name Ambrose Evans-Pritchard has a COLUMN in one of the London papers this morning about how the global economy is teetering on the brink of something unfortunate.
It’s a fascinating read (if one can actually be fascinated by stuff one doesn’t really understand) — and it’s made all the more so by the fact that the average Joe and Mary Schmoe are helpless to avoid the seemingly imminent disaster.
By the way, be sure to check out the comments at the end of Evans-Pritchard’s piece.
Entry Filed under: global economy
2 Comments Add your own
1. Menlo Bob | June 9th, 2008 at 10:05 am
According to Evans-Pritchard “A net 861,000 people joined the dole in May.” This suggests that he isn’t very aware of how the unemployment rate actually is computed. The Bureau of Labor Statistics, using commonly accepted statistical techniques, adjusts monthly data for “seasonality.” Seasonally adjusting the raw data smooths reported results, and represents an attempt to give appropriate context to what happened during the previous month relative to previous years. It most certainly a head-count of the newly unemployed.
To that add the recent increase in the minimum wage. Economists have long known that a rise in the minimum wage results in a rise in unemployment for the youngest and least qualified workers. Consider that government aided unemployment.
As a result you might not to trust most news reporting you read.
2. Menlo Bob | June 9th, 2008 at 10:08 am
My mistake. The line should read…’It most certainly ISN’T a head-count of the newly unemployed’.
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