Warren Buffet and others were right, and now facing scrutiny the ADP spinmasters begin to obfuscate and change the methodology of data collection under the auspices of “new calculations” and new data gathering “partnerships”… However, this outlines another broad point – Obama is toast and going to lose. If they thought it would help Obama, they would delay this public statement until December.
Admitting the new methodology *NOW* just further proves that President Obama is being dropped from the protected ranks.
( CNBC ) – Revisions to the way payroll data firm ADP counts private sector job creation have resulted in a sharp drop in the September employment count.
ADP’s new calculations put the [Sept] monthly job creation at just *88,200, down from the 162,000 the firm originally reported earlier this month.
The firm recently has entered into a partnership with Moody’s Analytics that will change the way the private payroll count is calculated.
The new private payroll count now is actually under Labor’s September job creation household survey net total of 114,000, 104,000 of which came from the private sector.
[*snip, this, in essence, means the figures last month were total BS manipulation]
The unemployment rate dropped last month to 7.8 percent. Separately, as the government’s establishment survey said the total number of new private-sector workers swelled by 873,000. (Read More: Consumer Prices Rise on Energy Surge; No Pay Gains)
Economists expect Friday’s report to show 125,000 new jobs and the jobless rate to hold steady.
When the Labor Department revealed its September job count, it sparked criticism from some quarters that the numbers were being manipulated for political purposes as the November presidential election drew near.
The soft ADP count could add credence to those who believe the pace of job creation is slower than the government’s numbers indicate.
“It’s huge, no doubt about it,” said Todd Schoenberger, managing principal at the BlackBay Group in New York. “Their changing the methodology tells me that if the number is cut in half with that revision, then the revision we’re going to see Friday is going to be a disaster.” (read more)
