Hiring Stats Should Be Localized

You ever notice what a mixed bag of economic news we receive these days?  Here is one that caught my eye from CNNMoney.com (my editing): The private sector gained 9,000 jobs in July, primarily among small businesses and the service sector, according to a report payroll manager ADP released Wednesday. A consensus of economists surveyed by Briefing.com had expected a loss of 60,000 non-farm jobs. Can you imagine if the “consensus of economists” bet on football games?  They would be making their predictions from the poor house. Nonetheless, I heard a very interesting talk from John Sumser last week in which he discussed that national employment statistics are grossly overrated… Read More

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