« | »

No Jobs Report? What’s A (DNC) Economist To Do?

From a hand-wringing Associated Press:

With No Jobs Report, What’s an Economist to Do?

By PAUL WISEMAN and SCOTT MAYEROWITZ | October 3, 2013

WASHINGTON (AP) – The latest victims of the government’s partial shutdown: policy wonks, politicians and TV talking heads who are losing their monthly opportunity to dissect the jobs report issued by the Bureau of Labor Statistics.

The ritual unfolds every month: The jobs report comes out, and Wall Street panics or exults. Political advocates spin. And economic analysts crowd cable-TV to offer us their insights. It happens the first Friday of the month at 8:30 a.m. Eastern time.

Except this Friday.

[F]or a subculture of Americans whose professional lives are tied to the monthly jobs report, its absence may be disorienting.

"Economists and journalists will have some withdrawal pains," suggests Mark Zandi, chief economist at Moody’s Analytics and a fixture on cable-TV gabfests after the jobs reports are released.

Mr. Zandi might even have to get a real job.

Diane Swonk, chief economist at Mesirow Financial and another regular television presence on the morning of the jobs reports, jokes that she won’t have to get up so early Friday.

Early? The job report comes out at 8:30 am.

Yet she’ll feel the loss. The jobs report is a "flashlight into the dense forest of global economic information," Swonk says. "We’ve turned the flashlight off."

Really? We seem to recall that the flashlight gets revised like hell, time and again. And, under Obama, always for the worse. Some flashlight.

Wall Street traders whose computers are normally primed to spring into action milliseconds after the report is issued will have to manage without it.

Maybe this is a good thing, for the reason we just mentioned. The job report has become a plaything, at least with this administration.

Zandi says he’ll grow alarmed only if a prolonged shutdown shuts off the flow of economic data for weeks. No one would know precisely how the economy is reacting to Washington’s political standoff.

"It’s like flying a plane with few instruments." Zandi says. "You’re able to do it for a while. But if you hit a storm, there’s a good chance you’ll crash." …

And never mind that the instruments are constantly and dramatically revised. But, in any case, all this might indicate that we have come to depend entirely too much on the government. Besides, it’s not as if these early numbers are ever accurate.

Regardless, Zandi plans to be exactly where he is on every other first Friday of the month: speaking on a panel of experts on CNBC. "There’s always something to talk about," he says.

That is to say, ‘Doctor’ Zandi and the rest of Obama’s economic propagandists will do what they always do. With a Democrats in the White House they will tell us the economy is booming. With a Republican is in the White House they will tell us that the economy is in a shambles, if not a recession.

And above all, they will be blind-sided by the ‘unexpected.’

This article was posted by Steve Gilbert on Friday, October 4th, 2013. Comments are currently closed.

3 Responses to “No Jobs Report? What’s A (DNC) Economist To Do?”

  1. captstubby

    WONDER HOW THIS WILL BE PLAYED IN A LATER Employment Situation Summary.

    U.S. Bureau of Labor Statistics

    This website is currently not being updated due to the suspension of Federal government services. The last update to the site was Monday, September 30. During the shutdown period BLS will not collect data, issue reports, or respond to public inquiries. Updates to the site will start again when the Federal government resumes operations. Revised schedules will be issued as they become available.

    The U.S. Office of Personnel Management
    OCTOBER 4 2013

    How are separated employees’ entitlements to severance pay affected by a shutdown furlough?

    Funds for severance pay are obligated on a day-to-day basis as the recipient accrues

    continuing entitlement to severance pay by not being reemployed by the Government of the United States. (Severance pay is suspended or terminated when the individual is reemployed by the Federal Government.) Severance pay is paid at the same pay period intervals as if the recipient were still employed. Any severance payment (on a payroll payday) is linked to the corresponding pay period during which the recipient accrued continuing entitlement to severance pay. If the recipient is reemployed by the Federal Government during a pay period, he or she is entitled to a prorated severance payment covering the days in the period prior to reemployment (e.g., 2/5 of one week’s pay if the recipient was reemployed on the third workday of the pay period).
    Thus, in the case of a shutdown furlough, accrued but unpaid severance pay represents an obligation to be paid from funds available before the lapse in appropriations occurred. Just as payroll checks for work performed prior to a lapse in appropriations can be processed as part of the orderly suspension of nonexcepted activities, severance pay checks covering days before the lapse may also be processed.

    Why are leave-exempt Presidential appointees not subject to furlough?
    Individuals appointed by the President, with or without Senate confirmation, who are not covered by the leave system in 5 U.S.C. chapter 63, or an equivalent formal leave system, are not subject to furlough. An exemption from the chapter 63 leave system may be based on 5 U.S.C. 6301(2)(x) or (xi). (See also OPM regulations at 5 CFR 630.211.) These leave-exempt Presidential appointees are not subject to furloughs because they are considered to be entitled to the pay of their offices solely by virtue of their status as an officer, rather than by virtue of the hours they work. In other words, their compensation is attached to their office, and, by necessary implication of the President’s authority to appoint such employees, their service under such an appointment creates budgetary obligations without the need for additional statutory authorization. Based on opinions of the Office of Legal Counsel, Department of Justice, the Antideficiency Act prohibition on creating a budgetary obligation before an appropriation is made is not applicable if the obligation is otherwise “authorized by law.” (See 31 U.S.C. 1341 and 36 Op. O.L.C. 1, April 8, 2011,

    http://www.opm.gov/news/latest.....sident.pdf

    http://www.opm.gov/policy-data.....n-Furlough

  2. wirenut

    What? “NO Jobs Report? What’s A (DNC) Economist To Do?
    An-sewer is………
    Reley on the DNC. Budget Committee! What? Huh? No budget? My bad.

  3. It’s all lies anyway. What’s the point?

    Seriously, if it comes from Madison Avenue, Wall Street, the federal government or any kind of media it will be based on Lies, More Lies and then Damnable Lies.


« Front Page | To Top
« | »