There’s A Glaring, Misleading Error In The May Jobs Report: U.S. May Be At 20% Unemployment
By News
Published 4 years ago on
June 11, 2020
Share
[aggregation-styles]
Forbes
On Friday, I reported on the data released from the Department of Labor’s Bureau of Labor Statistics, indicating that 2.5 million jobs were added in May. This was followed by an enthusiastic take on how the United States may be turning the corner. Despite all of the negatives, it seemed the U.S. was seeing rays of hope. The stock market, which has shot up since the initial shocks of the Covid-19 pandemic, bolted up after the report, gaining over 700 points and referred to other positive developments.
Unfortunately, after delving into the footnotes of the numbers, it now looks like the jobs report has been inaccurate for the last two months. BLS has admitted that government household survey takers mistakenly counted about 4.9 million people as employed, although they were unemployed.
Had the mistake been corrected, the unemployment rate would have risen to 16.1% in May. The corrected April figure would have been more than 19.5%—rather than 14.7%.
Read More →
Forbes
On Friday, I reported on the data released from the Department of Labor’s Bureau of Labor Statistics, indicating that 2.5 million jobs were added in May. This was followed by an enthusiastic take on how the United States may be turning the corner. Despite all of the negatives, it seemed the U.S. was seeing rays of hope. The stock market, which has shot up since the initial shocks of the Covid-19 pandemic, bolted up after the report, gaining over 700 points and referred to other positive developments.
Unfortunately, after delving into the footnotes of the numbers, it now looks like the jobs report has been inaccurate for the last two months. BLS has admitted that government household survey takers mistakenly counted about 4.9 million people as employed, although they were unemployed.
Had the mistake been corrected, the unemployment rate would have risen to 16.1% in May. The corrected April figure would have been more than 19.5%—rather than 14.7%.
Read More →
By Jack kelly | 8 June 2020
RELATED TOPICS:
New Battlegrounds Emerge in California’s Political Guerrilla War Over Housing
Housing /
3 hours ago
United Methodists Repeal Longstanding Ban on LGBTQ Clergy
Religion /
4 hours ago
US Job Openings Dip to Lowest Level in More Than 3 Years
Economy /
4 hours ago
Biden’s Historic Marijuana Shift Is His Latest Election Year Move for Young Voters
Cannabis /
5 hours ago
Federal Reserve Says Interest Rates Will Stay at Two-Decade High Until Inflation Further Cools
WASHINGTON — The Federal Reserve on Wednesday emphasized that inflation has remained stubbornly high in recent months and said it doesn’t pl...
Economy /
7 mins ago
Categories
Latest
Videos
Economy /
7 mins ago
Federal Reserve Says Interest Rates Will Stay at Two-Decade High Until Inflation Further Cools
Politics /
18 mins ago
House Passes Bill Expanding Antisemitism Definition Amid Campus Protests Over Gaza War
Business /
1 hour ago
Trump Awarded 36 Million More Trump Media Shares Worth $1.8 Billion
Housing /
3 hours ago
New Battlegrounds Emerge in California’s Political Guerrilla War Over Housing
Latest /
1 day ago