I Was Right, the “Experts” Were Wrong, So Why Am I the Underemployed?

« It’s Not the Bad Economic News that Surprises Me

By: dakine01

Yesterday in this post, I predicted today’s Jobs Report from the BLS would show a far smaller increase in jobs for May than was being predicted by the ‘economists’ interviewed by the various media organizations. The ‘experts’ were predicting 170k private sector jobs with 150k increase overall. My prediction was for 42.5K jobs overall. Guess who was closer to being correct? (via Reuters):

The U.S. economy may be in for a prolonged period of soft growth as employers hired the fewest number of workers in eight months in May and the unemployment rate rose to 9.1 percent. Nonfarm payrolls increased 54,000 last month, the Labor Department said, fewer than the most pessimistic forecast in the Reuters survey and just over a third of what economists had expected.
…snip…
The private sector, which has shouldered the burden of job creation added just 83,000 jobs, the least since last June, while government payrolls dropped 29,000.
Adding to the gloomy labor market picture, about 39,000 fewer jobs were created in March and April than previously estimated.
…snip…
Payrolls had been expected to rise 150,000, with private employment gaining 175,000.

This is not the first time I have been more accurate than the “experts”. How is it possible for someone like me to be more accurate in predicting the numbers than the so-called expert economists? Well, I’ll take a WAG and say it might be because I’m not trying to force reality into a pre-conceived computer model designed to reinforce an ideological position based as much on wishful thinking as anything else. Plus, I am actually living the life of the long term un and underemployed.

Read More:
http://my.firedoglake.com/dakine01/2011/06/03/i-was-right-the-experts-were-wrong-so-why-am-i-the-underemployed/http://my.firedoglake.com/dakine01/2011/06/03/i-was-right-the-experts-were-wrong-so-why-am-i-the-underemployed/