TrimTabs analysis, which uses real-time daily income tax deposits from all U.S. taxpayers to compute employment growth, estimated that the U.S. economy shed more than 150,000 jobs in December.
While end-of-month calendar quirks and unknown December bonus payments prevented a precise job loss estimate, there was enough data to suggest that job losses were at best 150,000 and at worst as high as 200,000….
We believe that the BLS is underestimating current job losses due to flawed seasonal adjustments and a mysterious “birth/death” adjustment.
In our opinion, the BLS is doing the public a huge disservice because while its results point to recovering economy, TrimTabs results point to a dangerously weak economy….
We find it highly unlikely that in 2008 and 2009, during the worst recession since the 1930’s, more businesses opened than closed, netting 1.79 million jobs.
Via The Business Insider, January 11, 2010