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This is a lot of words to write, "I don't understand why aggregate statistics don't apply to the individual".
Subsets of aggregate data can move in different directions from the summary statistics of the whole dataset. Trying to understand why people don't take selected macro statistics as gospel truth about their own lives is, to use a common phrase, extremely out of touch.
And stuff like this:
Is bordering on outright delusional. There are more Americans than just Democrats and Republicans and you don't get 55% fair/poor personal financial situation from just Republicans (no matter how much I'd love for 55% of Americans to be Republicans, alas).
What's actually going on here is that the chattering classes and the politicians and bureaucrats they support are finding, once again, that they can't actually tell people what to think about their personal lives. It's baldly obvious that this group doesn't actually know what they're talking about any functionally better than most people and that their ability to cite macro statistics is more an attempt to cast a magic spell than a real explanation of ground truth.
It depends on the purpose of the discussion.
Is it to discuss policy? Is it to discuss aggregate public perception? Averages matter.
Is it to vent? They don't.
The question to ask: why are we on this forum?
Which averages matter a lot.
Of course, there is no real policy discussion going on with these discussions of macro statistics. It's just Lefty professionals sneering at the rest of the country and saying, "Why won't you just do what I tell you and vote for the Democrats?"
Again and again, I see people here assuming that because the press and twitter academics are biased, it obviously implies that stats nerds in the BEA and BLS are biased. But, again, I've never seen evidence for this.
Reasons for skepticism:
For a while, the numbers differed material from ADP’s numbers until ADP figured out the adjustment BLS was making. Generally you’d expect these numbers to be somewhat similar but BLS was running materially different and hot for awhile. So it wasn’t just the difference but the consistent direction of the difference.
Job numbers continue to surprise the market to the upside sometimes beating expectations by multiple sigmas. That shouldn’t statistically happen MoM unless something screwy is happening with the numbers.
I forget how many consecutive months there was a downward adjustment to the numbers but it was a number of months. Curious again the uniform direction.
The establishment and household departed pretty drastically.
Given what we’ve seen the last five years about DC bureaucracy why should we assume the BLS is different?
Just to be clear, from your points it looks like you've completely abandoned the topic of inflation, right? We're now dealing entirely with job numbers?
ADP is a payroll company. They put out numbers. The numbers generally are close to BLS because well ADP is the primary payroll provider in the US. About a year ago, there started to be a pretty big divergence.
Some of the beats were something like six sigma. It is weird to have that many very large sigma events on one data source.
Yes of course things aren’t independent. My suggestion is it isn’t independent because the BLS is cooking the books.
There are two data points BLS puts out. The first is establishment survey which goes into unemployment number. The second is the household survey. Granted, the latter is measuring something slightly different. But historically these two surveys end up with total number of employed that are very similar. There has been a large difference for about 1.5 years since BLS started aggressively applying adjustment to establishment. The household correlates very well with street expectations. The Philly fed even put out a paper on this. Again, this suggests the establishment is being manipulated. Latest household suggests we are in recession range for jobs.
I don’t have a link to the ADP. I remember seeing the beats when they come out.
Re 2 and 3, show that historically we often see these kinds of beats in something as important to markets as unemployment numbers. Until then I think multiple multiple sigma beats to the upside (followed by uniform revision downward adjustments of prior month) is suggestive of something.
Re 4 had trouble finding the paper but here is a Forbes link discussing it. https://www.forbes.com/sites/greatspeculations/2022/12/23/upon-further-review-that-hot-labor-market-is-really-ice-cold/?sh=23befc8c72b5
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