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« Employment Report Disappointment (??) Part 3 | Main | Fed Predictions »

July 08, 2006



Thanks for emphasizing this, Barry. I'm sure that Malpass (like us) is familiar with the BLS analysis. You are correct to emphasize that the reports have different purposes, subjects, and methodology.

Personally, I think Malpass has an interesting point about the unusual nature of the last eight years, starting with the Y2K situation drawing consultants into businesses.

Barry Ritholtz

And, this is not even my original thesis -- it came from a BLS study, a Federal Reserve study, and Alan Greenspan's Congressional testimony.

The two charts are pretty conclusive -- when they are adjsted so they measure they same things, the differences disappear.

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