As the saying goes, “There are lies, damn lies and statistics.” And on the first Friday of every month, the American public gets a ton of new statistics to peruse. That’s when the U.S. Bureau of Labor Statistics releases its latest jobs figures. Within minutes of the data drop, news organizations send out push alerts, pundits start opining, and the headlines — and headline numbers — coagulate into a simple narrative, often along the lines of “Jobs are up; the economy is saved” or “Jobs are down; we’re all doomed.” These narratives consistently influence investors and financial markets. As a professor of finance, I ... (full story)