John Williams Elaborates on His Materially Lower Estimate of July Payroll Employment Growth

By: Douglas R. Gillespie | Fri, Aug 12, 2005
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Gillespie Research Associates finalized its joint-venture research relationship with John Williams late last year with the strong conviction there were many people -- an expanding number, to be sure -- who knew there was a good deal about reported government economic data that simply was not sensible. John's knowledge of this area, and his ability to analyze and articulate what is going on, are right up there with the best in the field. Thus, the enthusiastic response to his work, dispensed in his monthly newsletter, "John Williams Shadow Government Statistics," has not been at all surprising.

In the August edition of "SGS," published earlier this week, John calculated the July gain in payroll employment to be 44,000, versus the 207,000 reported last week by the Bureau of Labor Statistics. In this missive, John explains how he came up with this significant discrepancy. Contained in the explanation is the following observation:

"What happened with the actual reporting appears to have been more manipulative than fundamental. Current politics can take on a heavy roll in these numbers, and open manipulation may be back on the table for the first time in quite a while." Continue to Gillespie Research for the balance of the essay:



Douglas R. Gillespie

Author: Douglas R. Gillespie

Douglas R. Gillespie, Sr.
Gillespie Research Associates
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HO-HO-KUS, NJ 07423

Doug Gillespie oversees his own financial-market and economic consulting firm, Gillespie Research Associates. For a complimentary sample of Dougs material, e-mail him at

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