Latest from Jan Hatzius on GIGO.
Zero Hedge
Goldman Admits Payroll Data Is "Economically Meaningless"
Goldman Sachs letter
Read in conjunction with David Little, Economic observations of Oskar Morgenstern.
Morgenstern: This book addresses itself to both the general reader and the professional economist. The former will see that decisions made in business and in public service are based on data that are known with much less certainty than generally assumed by the public or the government. The second will discover that even most widely accepted figures frequently have error components of unexpected magnitude, and consequently cast doubt on many currently accepted analyses in economics.
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