UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: spl241 Big gold star, 5000 posts Top Favorite Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 2049109  
Subject: Facts--You HAVE To Believe 7.8% Date: 10/6/2012 2:35 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 57
The Repubs can hate that dastardly 7.8 all they want. If the Bureau of Labor Stats had a whazoo and a piece of coal was shoved up it, it would emerge a diamond. That's how tight BLS'S internal security is.

The only WH appointee is the commissioner, who operates entirely independently with no White House input or supervision whatsoever. The Census Bureau begins surveying households several weeks before the Fri. due date to ask about unemployment. This is extensive: 2,000 employees/60,000 contacts. A 2nd survey focuses on businesses, and determines how many jobs have been created or lost. The 141,000 businesses and government agencies that agree to participate submit payroll information online or via phone. About a week before the report comes out, the figures are securely transmitted from Census to BLS.

At this point, things get real interesting:

The suite of offices where the report is prepared are locked down. Employees must have electronic access keys to enter. The economists and statisticians working on the report are required to lock up any paper copies of the report when they’re not at their desks, even to go to lunch. A final draft is completed by Wednesday morning, 2 days before release. Several committees pore over the data to ensure accuracy. Wording is scrutinized to make sure it’s free of anything that could be seen as political spin.

Obama, his top economic adviser, and a few other officials saw the 7.8 on Thursday PM. BLS is a subsidiary of the actual Labor Dept., headed by Hilda Solis. And when, historically, do the Dept's. Big Bosses like Solis learn the the highly-guarded number?

Labor secretaries don't know the numbers until about 8A Friday, a scant half-hour before release!

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev Thread | Prev | Next | Next Thread


Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Simulations Plus

A Shorting Lesson Learned
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.