Shortly after Japan admitted all of its "rising wages" data for 2014 had been fabricated and on close examination all the optimistic increase in base wages was merely pre-election propaganda by the Abe government...
... we now find none other than the Philly Fed admitting that it no longer can report its state coincident and leading indexes because "the recent benchmark data revisions from the Bureau of Labor Statistics produced greater changes to the Philadelphia Fed's estimating methodology than are typical. While estimates for most states do appear to be reasonable, those for some states are not."
In other words, the BLS has "adjusted" its "data" so much (to fit within its political propaganda goalseek parameters) not even the Federal Reserve can make any sense of it, and can no longer use it for its own data analysis purposes.
Luckily for the permalgobulls, the BLS had enough credibility that its horrible March jobs data was enough to launch the S&P 500 on the biggest intraday ramp so far in 2015.
Source: Philly Fed, h/t James
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