Has anyone else observed that we seem to have a real problem with the competence of financial economists in this nation?
“Stocks moved higher Thursday as investors looked past a worse-than-expected jobs market report and opted to scoop up shares hit in the recent selloff.”
By Matt Day Of DOW JONES NEWSWIRES JUNE 7, 2010, 9:34 A.M. ET
“Crude futures recovered from a steep slide in Asian trading overnight as the selloff that began with the release of worse-than-expected U.S. unemployment figures Friday spread to other markets.”
FXDD, Written May 7, 2010 at 8:33 AM EST by Lawrence Fayman
“Unemployment Rate Worse than Expected but Nonfarm Payroll Number much higher.
Change in Non Farm Payrolls: Survey: 190K Actual: 290K Prior: 162K Revision: 230K
Credit Writedowns Posted by Edward Harrison on 25 February 2010 at 8:31 am
“Bloomberg said economists had predicted 460,000. So this is significantly above expectations.”
12:59 pm January 8, 2010, by The Washington Post:
“The nation shed 85,000 jobs in December, worse than expected, according to a government report released Friday that suggests the economic recovery still is too weak to lead employers to add to their payrolls.”
Grim Jobs Report Much Worse Than Expected
“Ugh, the economy. America lost 263,000 jobs in September, far more than analysts expected, and the national unemployment rate rose to 9.8 percent, according to the Labor Department’s monthly report.”
By Renae Merle Washington Post Staff Writer Wednesday, August 5, 2009; 5:04 PM
“On Wednesday the focus was on a report showing that the number of private-sector jobs fell by 371,000 in July, according to payroll company Automatic Data Processing and Macroeconomic Advisers. That was slightly worse than analysts were expecting…”
As we all know I could continue to provide news reports with the same theme but I think you get the point. So what conclusions should the average everday American citizen come to concerning the news above?
If I was wrong as often as these experts are I would also prefer to remain anonymous.
Maybe they should come together to file a class action lawsuit against the universities that provided them with a substandard education.
Are there any economics majors out there that are just a little embarrassed by the incompetence of their colleagues on this issue?
If economists are this incompetent, why do we need to ask them for their opinion?