From the WSJ …
The unemployment numbers are even worse than reported.
Last year the Labor Department admitted it over-counted the number of jobs by 1.4 million.
Why?
Because they used a computer program that tries to extrapolate how many new companies are being created during each month and then estimates the number of jobs these firms should be creating.
They were wrong!
Since April, the Labor Department has counted 550,000 nonexistent jobs under this so-called birth/death series.
Without these phantom jobs, the economy this year created virtually no jobs — certainly not the 600,000 the administration has been touting.
WSJ, The End of American Optimism, August 16, 2010
http://online.wsj.com/article/SB10001424052748703960004575427332237529948.html
The Homa Files 
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