The "Good" Employment Report Is Bullshit

And Obama's Bureau of Labor Statistics knew it was when they put it out. It leaves out "one large state." So, why was all the news I heard on the radio this morning boasting about how good this was for Obama. I'll let you answer that one.

The Labor Department on Thursday said the number of people filing jobless claims last week dropped by a seasonally adjusted 30,000—a pretty sharp decline, and one that left the total number of filings at a four-year low of 339,000.

Financial markets immediately rallied on the news. (Read more: Stocks Rise After Jobless Claims Hit 4-Year Low.)

While the government didn’t note any unusual factors in the release itself, a Labor Department official did tell news agencies covering the release about a quirk which partly accounted for the larger-than-expected drop. 

As Dow Jones reported: “A Labor Department economist said one large state didn't report additional quarterly figures as expected, accounting for a substantial part of the decrease.” 

The wording of that statement, along with the accompanying headlines, left the impression that one major state didn’t turn in its figures.