Cramer: The BLS Should Outsource Jobs Data to TIBCO
Editor's Note: This video was originally recorded on Oct. 4.
NEW YORK (TheStreet) -- Jim, let's talk about the ADP report that came out today because once again it was pretty good. It showed that we are adding jobs. Unfortunately though, it has been over estimating these job adds compared to the Bureau of Labor Statistics. Now back in the day, we used to never really pay attention to the ADP report. We blew it off. We went ahh, that's nice, moving on. Then it started to get a lot of weight. Where do you think we are going to go now with this ADP report?
Hopefully back in the day...
Are we going to throw it back out again?
We should. I mean somethings are not dispositive and when you overwhelming weight something that is not dispositive -- you end up with a lot of egg in your face and you lose a lot of money. So ADP is not unlike an indicator which just says okay look we're measuring X, but the labor department measures Y, so don't link them. I mean ADP would do well to be able to say, okay, here's why our survey isn't matching the labor survey. Here's why our survey has no predictive value. And one of the reasons why the labor department number has been so difficult to trade is ADP. Now ADP has...it's very difficult for a company to come out and say listen, our number has no relevance. It's like hey our team has no relevance. But it has no relevance. And the weight that is put behind it is fine if the market were trading ADP...if the labor department didn't report on Friday, we would trade off ADP. Debra Borchardt:
Right. Jim Cramer:
Labor Department does. Debra Borchardt:
Does it bother you that the labor department has constantly done these revisions? Because we get the number, but then we get the last two months of highs to this or that. Jim Cramer:
I am in a world of EMC and VMware -- CRV - SalesForce.com and world of.... Debra Borchardt:
Real stocks, not data. Jim Cramer:
Yeah. Right. Of companies that produce data instantly. And I come back and I have Vivek Ranadive CEO of TIBCO Software, and they process a million pieces of data in a second. And the labor department ought to outsource this TIBCO. Then we get some real numbers. Debra Borchardt:
Okay. TIBCO will be happy to hear that. Jim Cramer:
Yeah. Vivek's pretty cool.
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