Smoke and mirrors

From Heritage:

There’s no good way to spin the news that came out of today’s monthly U.S. jobs report. The economy generated only 18,000 total new jobs, the unemployment rate increased to 9.2 percent, and the number of unemployed Americans has gone up by 445,000. In other words, the recovery appears to have slowed markedly. President Barack Obama’s stimulus-infused “recovery” refuses to ignite, unsurprisingly to all but him.

And to make matters worse, May’s paltry job growth numbers were revised even farther downward, from the initial estimate of 54,000 to 25,000...

Hmmmm.  So how much confidence do we have in the 18K figure? How big is the fudge factor in gubmint stats anyway?

Today's story reminded me of a a video from Chris Martenson I came across some time ago, and while I certainly don't agree with all his opinions on other matters, he makes a compelling case that for GDP and inflation anyway, we would do well to at least wonder about those official-sounding and decptively-precise statistics: