Regular readers may recall I’ve long criticized the BLS’ unemployment figures as having become completely unreliable in recent years, and have pointed to the business birth-death model as the source of much of its virtual worthlessness many times. Here is Tom Bozzo who noted that according to the model:
…there were an additional 28,000 jobs in the construction sector, 7,000 in manufacturing, and 6,000 in financial activities jobs. I don’t think so.
Its long past time to chuck the model.