Close Menu
  • Coins
    • Bitcoin
    • Ethereum
    • Altcoins
    • NFT
  • Blockchain
  • DeFi
  • Metaverse
  • Regulation
  • Other
    • Exchanges
    • ICO
    • GameFi
    • Mining
    • Legal
  • MarketCap
What's Hot

Can Bitcoin clear hourly R1 at $83,600.18 to confirm a breakout?

23/10/2026

The Coinbase allegations expose Bitcoin’s corporate governance gap

23/10/2026

XRPL moves beyond payments and into tokenized finance

23/10/2026
Facebook X (Twitter) Instagram
  • Back to NBTC homepage
  • Privacy Policy
  • Contact
X (Twitter) Telegram Facebook LinkedIn RSS
NBTC News
  • Coins
    1. Bitcoin
    2. Ethereum
    3. Altcoins
    4. NFT
    5. View All

    Can Bitcoin clear hourly R1 at $83,600.18 to confirm a breakout?

    23/10/2026

    Bitcoin ‘top buyers’ halt BTC price upside with $87.7K now key: Glassnode

    23/10/2026

    We asked ChatGPT what will be Bitcoin price end of 2026; Here’s what it said

    23/10/2026

    Bitcoin holds near $83k as easing bearish momentum puts $89,337 in focus

    23/10/2026

    Ethereum Staking Reaches All-Time High of 43.8M ETH

    22/10/2026

    Ethereum Sets October 26 for Glamsterdam Upgrade on Hoodi

    22/10/2026

    Optimum says Ethereum block propagation is 2.42x faster than the default network

    22/10/2026

    Lido Engineer Warns of Staking Deposit Hijack at Glamsterdam

    22/10/2026

    XRPL moves beyond payments and into tokenized finance

    23/10/2026

    Tron Revenue Hits $23.41M in 30 Days, Outpacing Ethereum and Solana

    23/10/2026

    David Schwartz Says Ripple “Almost Had to Hide” XRP Use Before Institutions Wanted Blockchain Strategies

    23/10/2026

    Solana’s biggest upgrade could trigger a massive drop in reported transactions

    23/10/2026

    Collector Crypt Reports Record $24.3 Million Day

    22/10/2026

    Yuga Labs Launches Mudwater Trading-Card NFTs on Solana

    22/10/2026

    Is It Still the Best NFT Marketplace?

    21/10/2026

    Yuga Labs Launches Mudwater TCG on Solana, Featuring BAYC Art

    18/10/2026

    Can Bitcoin clear hourly R1 at $83,600.18 to confirm a breakout?

    23/10/2026

    The Coinbase allegations expose Bitcoin’s corporate governance gap

    23/10/2026

    XRPL moves beyond payments and into tokenized finance

    23/10/2026

    Utah Sues Kalshi and Susquehanna Firms to Halt Alleged Illegal Betting

    23/10/2026
  • Blockchain

    Tx launches USTX stablecoin to pull RWA liquidity onto its chain

    23/10/2026

    Injective, BDACS plan Korean won stablecoin settlement for tokenized assets

    23/10/2026

    1inch Brings Ondo Tokenized Stocks and ETFs to Solana

    23/10/2026

    Optimum Says Block Propagation Layer Is Live on Ethereum Mainnet

    22/10/2026

    Starknet Foundation Launches Bramble Wallet With STRK20 Shielding

    22/10/2026
  • DeFi

    PancakeSwap TVL tops $380M as major fee overhaul heads to vote

    22/10/2026

    Lido’s proposed exits would pay lenders with borrower collateral

    22/10/2026

    nearly 90% of FXRP supply is locked in DeFi

    22/10/2026

    Abracadabra breaks its DAO to shut down protocol

    22/10/2026

    Ledger Adds Morpho Loans Against Wrapped Bitcoin

    22/10/2026
  • Metaverse

    Exploring the Future of the Metaverse

    19/10/2026

    Is Solana Gaming Back? Kintara Activity Fuels Renewed Optimism in Onchain MMOs

    24/06/2026

    The Sandbox launches AI game engine ‘The Sandbox Studio’ for next-generation creators

    10/06/2026

    Meta commits $13M in funding for Oversight Board through 2028

    29/05/2026

    Why Animoca’s Yat Siu says the future is 100 billion AI agents

    07/05/2026
  • Regulation

    The Coinbase allegations expose Bitcoin’s corporate governance gap

    23/10/2026

    Digital Gold Market Could Hit $170B by 2031, Says World Gold Council

    23/10/2026

    Fidelity says poorer people can access more IPOs

    23/10/2026

    Elon Musk and Anthropic unveil AI wealth-sharing plans that could reach over $110 billion

    23/10/2026

    Crypto’s 2026 shutdown wave claims 82 projects. What went wrong?

    23/10/2026
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    Bitquery Finds 79% of Pump.fun Tokens Traded Only on Launch Day

    23/10/2026

    Ripple’s RLUSD Goes Live on Major Banking Platform in Türkiye

    23/10/2026

    Stellar (XLM) Alert Issued by Japanese Crypto Exchange: Here’s the Reason

    23/10/2026

    MEXC to End Services for Users in Russia and Belarus

    23/10/2026

    ICO market slows sharply with only six completions in 2026

    30/04/2026

    South Korea Poised to Lift Ban on Domestic ICOs After 7 Years

    19/12/2025

    Why 2025’s Token Boom Looks Both Familiar and Dangerous

    31/10/2025

    ICO for bitcoin yield farming chain Corn screams we’re so back

    22/01/2025

    Top 12 NFT games every player should know about in August 2026

    19/08/2026

    GameShame Studios founder details Raijin Protocol’s roadmap in NeoPod’s sixth AMA

    13/08/2026

    How BC.GAME is turning players into stakeholders

    04/08/2026

    YGG Play Shuts Down Services as Yield Guild Pivots to AI Data

    01/08/2026

    TSMC Looks to Replace Chinese Rare-Earth Components in Equipment Used to Make AI Chips

    23/10/2026

    Bitcoin mining offshoot Nscale loses Microsoft AI deal as power delay stretches into 2030s

    19/10/2026

    Binance Pool shuts on November 10, with record access ending two weeks later

    17/10/2026

    Bitcoin Mining Difficulty Jumps 5.92% in Third-Largest Hike of 2026

    17/10/2026

    Utah Sues Kalshi and Susquehanna Firms to Halt Alleged Illegal Betting

    23/10/2026

    Bitwise, Hyperliquid seek SEC rule changes for token trading, airdrops

    23/10/2026

    FBI Sentences Brazilian National to 12 Years for Money

    23/10/2026

    Extended Comment Period on Crypto

    23/10/2026

    Can Bitcoin clear hourly R1 at $83,600.18 to confirm a breakout?

    23/10/2026

    The Coinbase allegations expose Bitcoin’s corporate governance gap

    23/10/2026

    XRPL moves beyond payments and into tokenized finance

    23/10/2026

    Utah Sues Kalshi and Susquehanna Firms to Halt Alleged Illegal Betting

    23/10/2026
  • MarketCap
NBTC News
Home»Regulation»The ‘jobs’ number is always wrong
Regulation

The ‘jobs’ number is always wrong

NBTCBy NBTC06/08/2025No Comments5 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


This is a segment from The Breakdown newsletter. To read more editions, subscribe.


“There are three kinds of lies: lies, damned lies, and statistics.”

— Mark Twain

The 2004 edition of the Economic Report of the president included a creative proposal it hoped the statistical agencies would consider: reclassifying fast-food cooks as manufacturing workers.

”When a fast-food restaurant sells a hamburger,” the report asked, “is it providing a ‘service’ or is it combining inputs to ‘manufacture’ a product?”

I hear you snickering, but it did make some fair points.

The report noted, for example, that “mixing water and concentrate to produce soft drinks is classified as manufacturing” — so why shouldn’t assembling a hamburger count, too?

The answer lies in the Census Bureau’s definition of manufacturing, which the job counters at the BLS follow: “the mechanical, physical, or chemical transformation of materials, substances, or components into new products.”

Heating a frozen hamburger patty does indeed create a “chemical transformation” — heat causes a burger’s proteins to unfold and reconfigure in ways that irreversibly change it.

(You can freeze and melt a soda as many times as you like and still drink it, but try that with a burger and you’ll regret it.)

It would be a stretch, however, to argue that heating a burger transforms it into a “new product,” so it’s no surprise that the BLS continued to categorize burger flippers as service workers.

If the BLS rejected the White House’s suggestion on its merits, everyone else rejected it on its politics — a transparent attempt by the White House to make the manufacturing sector look healthier than it was.

It wasn’t the first time the seemingly mundane process of counting jobs became a political flashpoint.

In 1971, the Nixon White House shut down BLS press briefings after the agency unenthusiastically described a 0.2% drop in unemployment as only “marginally significant” (the Secretary of Labor described the same data as “of great significance”).

A month later, a statistical error caused the BLS to overstate a further drop in unemployment, this time raising fears that the White House was manipulating the data to make the economy seem better than it was.

Investigations found no evidence of political influence on the jobs data, but the OMB nevertheless responded by issuing a directive that tightly restricted early access to the data for political appointees.

More surprisingly, there have also been accusations that the White House manipulated jobs data to make the economy look worse than it was.

In 1961, Reader’s Digest published an article accusing the Kennedy White House of using data techniques to “magnify the unemployment problem” as a pretext for more government spending and regulation.

Again, an investigation found no basis for the claim.

A similar investigation in 1944 dismissed similar claims that the BLS had “obsequiously acquiesced” to White House demands to understate inflation, with the goal of keeping wages down too (while the government had war-time powers to set wages).

All of these unfortunate episodes are recounted on the BLS website, which highlights just how much precedent there is behind President Trump’s new accusations of political bias at the non-partisan agency.

In fact, his shock decision to fire Erika McEntarfer wasn’t even the first time a BLS commissioner lost their job for political reasons.

In 1932, Ethelbert Stewart was “involuntarily retired” as head of the BLS for publicly disagreeing with the Hoover administration’s rosy portrayal of the Depression-era labor market.

In response, The San Francisco News opined that “in the city named for George Washington, it seems they fire people for telling the truth.”

Now, by contrast, McEntarfer has been fired for the gravest form of not telling the truth: statistics.

On Friday, President Trump accused the BLS commissioner of “miscalculations” that he is sure were politically motivated.

But every jobs report is a miscalculation — by design.

When the BLS reported on Friday that the US economy had added 73,000 jobs in July, McEntafer and everyone involved with the number knew it was wrong.

Like every month, July’s report was based on incomplete data: The BLS doesn’t wait for all 121,000 surveyed employers to respond.

Instead, it goes with what it’s got at the end of the month — typically just 60% or so of what it’d like to have — and then updates its models as additional responses trickle in afterwards.

But even with all the data in, it’s still just an estimate based on a lot of assumptions.

Without adjusting for seasonality, for example, the BLS would have reported that the US economy lost 1,066,000 jobs in July.

The difference between 1,066,000 and the 73,000 that everyone thinks of as “the” number of jobs created in July is just one measure of how “wrong” the BLS’ model is.

“All models are wrong,” as statistician George Box famously said, “but some are useful.”

The BLS model that comes up with a monthly jobs number is one of the useful ones — an early warning system that allows businesses, investors and the Federal Reserve to adjust to the direction of the job market.

The true size of the job market won’t be known until everyone reports their taxes in a year or so, as I’m sure the president is aware.

But the president also seems acutely aware of the power of numbers to affect our perception of reality.

A hamburger, for example, is far more than its calorie count: It’s protein, a night out with friends and a piece of culture, too.

But the moment you read “1,600 calories” on the menu, a bacon cheeseburger becomes something else entirely: judgment. Liability. Guilt.

Numbers often wield more power than the reality they attempt to represent, so we should of course try to get them correct.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
NBTC

NBTC is the editorial account for NBTC News, covering Bitcoin, Ethereum, DeFi, blockchain infrastructure, exchanges, mining, regulation and digital asset markets. The editorial team focuses on clear sourcing, timely updates and practical context for crypto readers.

Related Posts

The Coinbase allegations expose Bitcoin’s corporate governance gap

23/10/2026

Digital Gold Market Could Hit $170B by 2031, Says World Gold Council

23/10/2026

Fidelity says poorer people can access more IPOs

23/10/2026

Elon Musk and Anthropic unveil AI wealth-sharing plans that could reach over $110 billion

23/10/2026
Add A Comment

Comments are closed.

Top Posts
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook X (Twitter) LinkedIn RSS
Top Insights

Can Bitcoin clear hourly R1 at $83,600.18 to confirm a breakout?

23/10/2026

The Coinbase allegations expose Bitcoin’s corporate governance gap

23/10/2026

XRPL moves beyond payments and into tokenized finance

23/10/2026
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Type above and press Enter to search. Press Esc to cancel.