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Has the Fed Been Fooled by Phony Jobs Numbers?
James Bullard, the president of the Federal Reserve Bank of St. Louis, is on record as saying the Fed was prepared to start cutting its monthly bond purchases up until "weaker data came in" earlier this month. In all likelihood, he was looking at the monthly jobs report, which showed disappointing growth during the summer. Yet a new paper presented by Johns Hopkins economist Jonathan Wright at the Brookings Institution's Panel of Economic Activity indicates that the Fed may have been misled by meaningless data. The evidence suggests that employment growth was just as anemic in July, when the Bureau of Labor Statistics ... (full story)
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