Instead of the August employment report coming in at the consensus forecast of 100,000, employment fell by 4,000. For June and July combined, the net revision was down 81,000. In spite of this, the unemployment rate remained at the July level of 4.6% (consensus expected 4.7%).
Is there a Labor Department conspiracy at work here? How can prior month’s numbers be so radically revised? How does the unemployment rate stay low? Where were the White House spinmeisters who appear on CNBC after the reports release to talk up the Administration's positive influence on the economy?
Was August’s number “engineered” to be low and then get revised in October to prod this data driven Federal Reserve to cut the funds rate?