The Economic Data Is Increasingly Dubious

TW: Have spoken previously about in a time of profound economic change that economic stats become less reliable. The predicates upon which they are based become shaky and the sudden movements more challenging to define. This is true in the U.S. and even more so in emerging markets with less developed statistical bases. The above chart shows how the employment reports have been systematically under-stating the employment drop. What are the implications? The economy and the stock market appear to be diverging for one, but then that has been the case for awhile.