Excerpt from the Money Map Report from 2/8/2010:
Why give us the straight scoop when it hurts the Administration's agenda?
February 8, 2010
by Keith Fitz-Gerald
Dear ,
My how quickly things change...
Following a brief rally on cooked employment numbers, Monday's trading was a race for the exits as the broader markets traded lower.
In case you missed it, we think last Friday's employment figures were more cooked than a Christmas goose.
Here's why...
Following an initial report on Bloomberg, yours truly broke the news on Fox's national show, Varney & Co, that we were going to see an employment figure revision that clipped another 824,000 jobs off the top since the recession began. It was, according to the data I saw, the single biggest negative revision in the last 18 years. But it wasn't going to show up in the monthly data and was therefore not included in Friday's report... even though Washington is fully aware of it.
After all, why tell the truth when you can simply varnish the data and continue Washington's self congratulatory mood?
When you include the additional 824,000 lost jobs, there is simply no way the unemployment rate can fall to 9.7%. In reality, it's north of 10% - again.
We also suspect that the fall off was not taken lightly by global traders who were at the same time enduring selling pressure from the PIGS - Portugal, Ireland, Greece and Spain.
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