One economic stat Trump can’t crow about


Today I’m going to continue to dig deeply into the government’s economic data — even if you are falling asleep.You’ll have to decide soon who you want to elect to Congress, and I’ve been telling you in two previous columns some of the tricks in the economic data.

First, I explained that the Labor Department, for no apparent reason, made a huge change in its seasonal adjustments — and those changes reduced job growth in August by a large amount.

Growth could have been a whopping 300,000 jobs instead of just 201,000. The Republicans ought to look into why the adjustments were changed to make the employment situation look worse than it really was.

After that, I explained in another column that there is a different adjustment coming to the October employment report.Labor is going to add a very large number of jobs to the count because it thinks — but can’t prove — that its surveys are missing companies that are just coming into business.

That addition is going to guarantee that the crucial October report — crucial because it comes out the Friday before the midterms — will be better than it should be.The Democrats should look into that, I wrote in a previous column.

Today’s topic is one that both parties (and the Federal Reserve) might want to take a look at. It’s on the gross domestic income, or the GDI as the Bureau of Labor Statistics calls it.

This is going to take some explaining, so stay with me. (The sound of a pan banging.)

Everyone knows what the gross domestic product is. The GDP, as it is called by its friends, is the total value of goods produced and services provided in a country in a year.