{"id":1682,"date":"2008-07-30T09:35:29","date_gmt":"2008-07-30T14:35:29","guid":{"rendered":"http:\/\/selectmetrix.com\/blogs\/2008\/07\/hiring-stats-should-be-localized\/"},"modified":"2008-07-30T09:31:47","modified_gmt":"2008-07-30T14:31:47","slug":"hiring-stats-should-be-localized","status":"publish","type":"post","link":"https:\/\/selectmetrix.com\/blogs\/2008\/07\/hiring-stats-should-be-localized\/","title":{"rendered":"Hiring Stats Should Be Localized"},"content":{"rendered":"<p>You ever notice what a mixed bag of economic news we receive these days?\u00a0 Here is one that caught my eye from <a target=\"_blank\" href=\"http:\/\/money.cnn.com\/2008\/07\/30\/news\/economy\/ADP\/index.htm\">CNNMoney.com<\/a> (my editing):<\/p>\n<blockquote><p>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.<\/p>\n<p>A consensus of economists surveyed by Briefing.com had expected a loss of 60,000 non-farm jobs.<\/p><\/blockquote>\n<p>Can you imagine if the &#8220;consensus of economists&#8221; bet on football games?\u00a0 They would be making their predictions from the poor house.<\/p>\n<p>Nonetheless, I heard a very interesting talk from <a target=\"_blank\" href=\"http:\/\/www.johnsumser.com\/\">John Sumser<\/a> last week in which he discussed that national employment statistics are grossly overrated (my term).\u00a0 His thesis is that <a target=\"_blank\" href=\"http:\/\/recruitingroadshow.files.wordpress.com\/2008\/07\/080725-2008-minneapolis-roadshow.pdf\">economies are regional, even local<\/a> (look for the &#8220;Mega-Region slide).\u00a0 Weakness in one area (e.g. Detroit) is far different than growth in another area (e.g. Las Vegas).\u00a0 Trying to combine these two into a national number is a statistic for national newspapers to use, but it truly does not have any application locally.<\/p>\n<p>I couldn&#8217;t agree more.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You ever notice what a mixed bag of economic news we receive these days?\u00a0 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 &#8220;consensus of economists&#8221; bet on football games?\u00a0 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&hellip; <a class=\"read-more\" href=\"https:\/\/selectmetrix.com\/blogs\/2008\/07\/hiring-stats-should-be-localized\/\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[49,5],"tags":[49,905,50,906],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p5Oho-r8","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/posts\/1682"}],"collection":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/comments?post=1682"}],"version-history":[{"count":0,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/posts\/1682\/revisions"}],"wp:attachment":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/media?parent=1682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/categories?post=1682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/tags?post=1682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<!-- WP Super Cache is installed but broken. The path to wp-cache-phase1.php in wp-content/advanced-cache.php must be fixed! -->