The ‘Most Important Jobs Report Ever’ Permanently Destroys BLS Credibility

andrew_hoffmanAndrew Hoffman, Miles Franklin, Released on 7/7/16

It’s Friday morning, just after publication of the June NFP jobs report, and I’m going to write today’s article in real-time – as following publication of the “most important jobs report ever,” a title I write with violently dripping sarcasm, the data, financial markets, and media spin are rapidly evolving. To wit, the start of the day may have gone according to the powers that be’s plan; but who knows, in today’s environment of, putting it mildly, “exceptional circumstances,” how it will end?

The NFP, or non-farm payrolls employment report, published by the Bureau of Labor Services, or BLS, has been the government’s top propaganda statistic for as long as I can remember; but particularly since the 2008 crisis, as it’s “improvement” has been used to validate the insane fiscal and monetary policies utilized to kick the can this far. Or, more broadly, since the turn of the century, when the exodus of high-paying manufacturing jobs to points overseas commenced.

To that end, the long, sordid history of blatant data manipulation is documented not only on the Miles Franklin Blog, but countless other places in the economic blogosphere. Heck, even Janet Yellen admits the data leaves much to be desired – which is probably why the Fed long ago abandoned its 6.5% unemployment rate threshold for raising rates. Frankly, the only economic data on the planet as pathetically, and blatantly, rigged is Chinese GDP – which currently purports nearly 7% “growth,” when the true number is closer to negative 7%. To that end, John Williams of ShadowStats calculates the true U.S. unemployment rate to be closer to 25%, just like it was in the Great Depression. But don’t let that get in the way of a good propaganda meme – like “recovery.”


Andrew (“Andy”) Hoffman, CFA joined Miles Franklin, one of America’s oldest, largest bullion dealers, in October 2011 and serves as Marketing Director. For a decade, he was a US-based buy-side and sell-side analyst, most notably as an II-ranked oil service analyst at Salomon Smith Barney from 1999 through 2005. Since 2002, his focus has been entirely on precious metals, and since 2006 has written free missives regarding gold, silver and macroeconomics. Prior to joining the company he spent five years working as an investor relations officer or consultant to numerous junior mining companies. Andy’s articles can be found on the Miles Franklin Blog, at

Notify of

Inline Feedbacks
View all comments