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Economists Finally Admit: We're Clueless About Jobs, Too
CNBC.com | July 11, 2011 | 12:49 PM EDT

If you’re confused over high unemployment , you’re not alone. The people who are best supposed to understand this issue don’t have much of a clue either.

That became readily apparent following the government’s release Friday of the June jobs report , a dismal data set with virtually no redeeming factors.

More than that, though, the report blindsided Wall Street and Washington economists, who expected about 100,000 jobs created last month, not the 18,000 that showed up in the Bureau of Labor Statistics compilation.

That’s an enormous miss.

So how did it happen?

An abundance of excuses flew around from some of the economic profession’s biggest names.

Most of them, of course, blamed the government.

“We believe the BLS estimate is wrong,” the respected market research firm Trim Tabs flatly declared.

“We’ll see material upward revisions to the June data,” proclaimed Dennis Gartman, hedge fund manager and author of “The Gartman Letter.”

“There are a sizable number of additional people at work,” promised banking analyst Dick Bove, who released not one but two research notes over the weekend taking issue with the government’s report.

More somber tones, though, came from actual economists.

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