Business

From Back to Front
by Milota Sidorova

This is the second data release from Washinghton this month. Just few weeks before White House reported numbers of saved or created jobs due money flow from the bailout 2008. The report showed significant errors after detailed examination. One in six jobs has been counted in wrong way – literally it means the difference of 5,000 of 30,000 officially claimed job positions. The reasons for miscounting seem to be different. Reported by Associated Press, many companies counted temporary jobs as full time ones. The other cause was spending the money on existing employees who were consequently reported as created new positions. Some people were counted more than one time wh! ich is the situation called a „job inflation“ and some, although were hired as temporary workers didn’t work more than five weeks – less than one tenth of their contract limit. According some companies the reason why the results have been miscounted was only three day limit between data collection, its verifying and posting. Government, however, suggested the mistake took about one sixth of the total quote, it could be much more. Associated Press stated official data overstated real forecast ten times higher. Personally, I am amazed by such effectivity or uneffectivity of data corrections in such country. Although the process was lacking the time, surely one can’t get three day work as serious, government didn’t hesitate to reported overrated results. Despite several criticism from the beginning, media reported the official quotes. Just few weeks after, we come to the recorrection – and second round of media publicity. I am sure t! here will be bit less attention to the governmental report. Wh! o cares about the liability of the official reports? It reminded me of „famous“ five year plans, established by Communistic governments. The point was to set the economic, industrial and agricultural goals that had to be reached within five years. Imagine thousands of overrated goals and the bleak reality. At the end it came to recorrection of real data to make them higher. You know, higher quotes pleased the headquarters. They didn’t care whether it was true or not. The report was the most important value. Right now, we go from back to front. First, we report positive data records with the glory, then we correct them and diminish. Report them again with, as expected lower attention.

related story (sgx15765): http://news.yahoo.com/s/ap/20091030/ap_on_bi_ge/us_stimulus_...

by Milota Sidorova for PocketNews (http://pocketnews.tv)

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posted by Blog TechSource @ 5:29 PM