CNBC’s Liesman on Jobs Report Revisions: ‘Conspiracy’ & ‘Total Bunk’ that Gov’t Tried to Make Economy Look Better in an Election Year

KERNEN Thanks Rick Stay ░░░░░░░░ us I m going ░░░░░░░░ ask Steve I was ░░░░░░░░ it yesterday Steve Once ░░░░░░░░ you know these revisions ░░░░░░░░ obviously every year But ░░░░░░░░ was the biggest once ░░░░░░░░ 2009 And when I ░░░░░░░░ reading it it said ░░░░░░░░ was because the pandemic ░░░░░░░░ again skewed some figures ░░░░░░░░ there were births but ░░░░░░░░ didn t take into ░░░░░░░░ the deaths from the ░░░░░░░░ Therefore there was some ░░░░░░░░ formation that didn t ░░░░░░░░ Did you read all ░░░░░░░░ Steve LIESMAN I did ░░░░░░░░ But I don t ░░░░░░░░ it s I don ░░░░░░░░ think it s endemic ░░░░░░░░ the pandemic so to ░░░░░░░░ KERNEN What was it ░░░░░░░░ hopefully it wasn t ░░░░░░░░ it wasn t trying ░░░░░░░░ gild the lily and ░░░░░░░░ the economy look better ░░░░░░░░ an election year I ░░░░░░░░ trying to work for ░░░░░░░░ here LIESMAN That conspiracy ░░░░░░░░ Joe is total bunk ░░░░░░░░ know that But here ░░░░░░░░ the thing All right ░░░░░░░░ birth death model which ░░░░░░░░ something that tries to ░░░░░░░░ what s going on ░░░░░░░░ the economy with the ░░░░░░░░ of companies or the ░░░░░░░░ of companies it can ░░░░░░░░ wrong at turning points ░░░░░░░░ the economy But I ░░░░░░░░ to explain Joe why ░░░░░░░░ thought why I said ░░░░░░░░ wasn t sure how ░░░░░░░░ signal to take from ░░░░░░░░ The reason is because ░░░░░░░░ you said this was ░░░░░░░░ biggest revision since 2009 ░░░░░░░░ I went back to ░░░░░░░░ at 2009 If you ░░░░░░░░ a look at what ░░░░░░░░ happening with jobless claims ░░░░░░░░ example they were already ░░░░░░░░ the time that big ░░░░░░░░ came out up near ░░░░░░░░ 000 The insured unemployment ░░░░░░░░ was already 5 It ░░░░░░░░ 1 2 now Four ░░░░░░░░ moving average on jobless ░░░░░░░░ now is 235 000 ░░░░░░░░ from a year ago ░░░░░░░░ point Joe is that ░░░░░░░░ the time that that ░░░░░░░░ revision came out we ░░░░░░░░ in the middle we ░░░░░░░░ had a declared recession ░░░░░░░░ was negative There were ░░░░░░░░ whole suite of confirming ░░░░░░░░ data points about weakness ░░░░░░░░ the economy That just ░░░░░░░░ not exist now I ░░░░░░░░ Rick makes some good ░░░░░░░░ about whether the Fed ░░░░░░░░ have been easier now ░░░░░░░░ to get the data ░░░░░░░░ There are issues about ░░░░░░░░ he s 100 right ░░░░░░░░ that I would just ░░░░░░░░ that I m not ░░░░░░░░ how much signal to ░░░░░░░░ from this which is ░░░░░░░░ today s jobless claims ░░░░░░░░ very reassuring.”