Awful: new jobs at 96,000, missing expectations; rate hits 8.1%. Unexpectedly lousy, as expected. New job totals for June and July revised downward. “The Labor Department’s birth-death model, which approximates jobs created by new businesses during the month, added 87,000 to the total, making it primarily responsible for the net job gains.” The birth-death model is basically a guess, and the model appears to be broken.
Author: Bonfire of the Absurdities
After 35 year career writing software for IBM mainframes, am now self-employed contractor thinking of joining a union and striking for higher wages. Cured morbid fear of heights when I learned to look at them as lengths standing on end. Uncompromising in refusal to accept browser cookies. Amateur investor who has accumulated a small fortune in the market after starting out years ago with a large one. For recreation, I run, hike, kayak and play tennis but will not consider synchronized swimming under any circumstances.
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