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[Michael Czeiszperger <michael AT czeiszperger.org>]

For a while now we've been told the economy's in a recovery, but have 
been wondering why there isn't more job growth. The article Grossly 
Distorted Product in this weeks's Economist by an economist with 
Goldman-Sachs details why he believes the current official US economic 
growth figures are overestimating economic growth by almost a factor or 
two.  There are many indicators of this, one of which is the reported 
figures for IT jobs outsourced to India are much lower than the figures 
India is reporting to have imported in the same time period.

There are many sources for the raw numbers that are used to calculate 
the GDP, and one interesting change since 2002 is while the statistics 
that are independently verifiable continue to be within historical 
norms, the statistics which are estimated have swung way outside 
historical norms.  Either the fundamental basic of the economy has 
changed in the past two years or the current GDP estimates are wildly 
incorrect.

If this is true, this would explain how the current economy can have a 
high GDP growth while job growth is poor. The answer is the GDP growth 
isn't actually high.

The article is here, but unfortunately you have to be a subscriber to 
view it :-(

http://www.economist.com/finance/displayStory.cfm?story_id=2577317

Latest US GOV GDP Figures:
http://www.bea.gov/bea/newsrel/gdpnewsrelease.htm

___________________________________________________________________
michael at czeiszperger dot org
Chapel Hill, NC