(CNSNews.com) – The U.S. Census purposefully hired more workers than it needed, telling the Office of the Inspector General of the Commerce Department that it did so as a “cost-saving measure,” according to a memorandum that Todd J. Zinser of the inspector general’s office sent to Census Bureau Director Robert Groves last week.
If the Obama Administration thought the financial markets would react well to the padding of the jobs numbers, they were sadly mistaken. On Friday, all the major stock indices were down by over 3% with the Dow Industrials losing 323 points. Even bonds were down on the news. The only thing that went up was gold. Go figure.
Anyone who thought that stock traders would just look at the aggregate numbers of the jobs report and not delve a little deeper into composition is a fool. When 411,000 out of 431,00 “new jobs” are due to the U.S. Census, it does not mean the US economy is expanding. Stunts like this may have worked in Chicago but it doesn’t work for the rest of the world.