Manning: “Official Numbers” Weren’t Missed
The official federal government report on the nation’s Employment Situation didn’t happen on Friday, and nobody seemed to miss it.
Economists and others referenced a payroll report released by the paycheck processing company ADP earlier in the week that showed that the private sector had grown by 166,000 jobs.
The Gallup Company found that the unemployment rate on Oct. 3 was 7.7 percent (without seasonal adjustments.) Unlike the government unemployment rate which is also determined by a survey of American households that is completed sometime in the third week of the month, the Gallup poll provides a moving unemployment rate average reflecting in real time what is happening in the employment market, rather than a two week old snapshot.
These private sector employment reports are not as robust as the government report, but based upon the market’s reaction to a day without official government labor data (hint, the stock market went up), it is hard to discern the universal mourning for the “official numbers” short-term demise.
It is enough to make a reasonable person wonder why the government spends taxpayer money to produce and release these reports at all.
(To continue reading this piece, press the “Read More …” icon below).
Rick Manning (@rmanning957) is the Vice President of Public Policy and Communications for Americans for Limited Government.