Last Friday saw the release of a bombshell jobs report, with headlines exclaiming that the US economy added over 250,000 jobs in July, far in excess of any forecasts. The reality was far more grim. Those “jobs” weren't actually created by businesses – they were created by the statisticians who compiled the numbers, through the process of “seasonal adjustment.” That's a bit of statistical magic that the government likes to pull out of its hat when the real data isn't very flattering. It's done...
