Macro Fata Morgana

NFPs – the labor market report aka the FATA MORGANA Markets went ballistic on Friday due to a "strong" US labor market report. However, most market participants overlook the reality of this "mirage." The figures were inflated by a government model whose reality can be questioned. The report claims that 177,000 new jobs were created. The reality: a model called "birth/death adjustment" added 393,000 jobs "out of thin air." This model estimates how many businesses have opened or closed. It is not based on verified registrations or bankruptcy data, nor is it verified – just simple estimates. If you were to take these...