Payroll Stats Become Even More Implausible

By |2015-06-04T11:19:50-04:00June 4th, 2015|Economy, Federal Reserve/Monetary Policy, Markets|

Since Q1 GDP was revised lower by almost 1% that meant estimates of productivity were going to be even more out of alignment than they were at the first release. Of course, in a less massaged environment productivity might have preserved some sense if there was less rigidity from the BLS on the employment side. In other words, when “output” [...]