Favorite
Share
Scan with WeChat
Share with Friends or Moments
Elon Musk
@elonmusk
RT
@chamath: Non Farm Payrolls are total garbage so I asked Grok: “Hey Grok, go look at the Bureau of Labor Statistics website for their non farm payrolls data. Tell me how many times their original forecasts have been revised since Jan 2020. And, of those revisions, how many times the data was revised up versus down. Categorize this during the Biden versus Trump presidencies.” Bottom line is that BLS isn’t so much conspiratorial as it is inadequate in its approach. They are all over the place and add little directional signal. They constantly revise and in both directions. The sampling techniques they use are brittle and don’t work for a large and dynamic economy like the US. Trump was right to fire the head of BLS because she ran a critical aspect of the US economic machinery in an unpredictable, haphazard and sloppy way. There needs to be a new, oracle-like data provider for this critical information. https://t.co/o7DPuwjFU7
@chamath: Non Farm Payrolls are total garbage so I asked Grok: “Hey Grok, go look at the Bureau of Labor Statistics website for their non farm payrolls data. Tell me how many times their original forecasts have been revised since Jan 2020. And, of those revisions, how many times the data was revised up versus down. Categorize this during the Biden versus Trump presidencies.” Bottom line is that BLS isn’t so much conspiratorial as it is inadequate in its approach. They are all over the place and add little directional signal. They constantly revise and in both directions. The sampling techniques they use are brittle and don’t work for a large and dynamic economy like the US. Trump was right to fire the head of BLS because she ran a critical aspect of the US economic machinery in an unpredictable, haphazard and sloppy way. There needs to be a new, oracle-like data provider for this critical information. https://t.co/o7DPuwjFU7
@chamath
Non Farm Payrolls are total garbage so I asked Grok:
“Hey Grok, go look at the Bureau of Labor Statistics website for their non farm payrolls data. Tell me how many times their original forecasts have been revised since Jan 2020. And, of those revisions, how many times the data was revised up versus down. Categorize this during the Biden versus Trump presidencies.”
Bottom line is that BLS isn’t so much conspiratorial as it is inadequate in its approach. They are all over the place and add little directional signal. They constantly revise and in both directions.
The sampling techniques they use are brittle and don’t work for a large and dynamic economy like the US.
Trump was right to fire the head of BLS because she ran a critical aspect of the US economic machinery in an unpredictable, haphazard and sloppy way.
There needs to be a new, oracle-like data provider for this critical information.
https://t.co/o7DPuwjFU7
Disclaimer: This article is copyrighted by the original author and does not represent MyToken’s views and positions. If you have any questions regarding content or copyright, please contact us.(www.mytokencap.com)contact
About MyToken:https://www.mytokencap.com/aboutusArticle Link:https://www.mytokencap.com/platformsocial/18488316