• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Here

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

ACTUAL PRIVATE PAYROLL GROWTH - Jobless Stagflation Birth Death Adjustment Impact

In 2011 YTD, the BLS’s birth/death model has contributed +530k jobs (34.7% of the headline number). This compares to +314 (35.8% of the headline number) in the year-to-date in 2010. On a YoY basis (which you have to analyze it due to the B/D Adj. being NSA and the Private Payrolls # being SA), the U.S. lost -70k jobs in October when netting out the B/D Adj.