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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNever Before Have I Seen So Much Fake Unemployment & Jobs Data by the Bureau of Labor Statistics.
https://wolfstreet.com/2020/07/02/never-before-have-i-seen-so-much-fake-unemployment-jobs-data-by-the-bureau-of-labor-statistics-while-labor-department-nails-it/Never Before Have I Seen So Much Fake Unemployment & Jobs Data by the Bureau of Labor Statistics. Labor Department Nails It
Labor Department today: People on state & federal unemployment insurance jumped to 31.5 million, worst ever.
Bureau of Labor Statistics today: 4.8 million jobs created, unemployment dropped by 3.2 million.
BLS under-reported unemployment by 13.7 million, based on data from the Labor Department. Whats happening is infuriating. Read and cringe.
Normally, the jobs report by the Bureau of Labor Statistics is released on the first Friday of the month. And the unemployment claims report is released Thursday every week. But this month, the monthly jobs report was also released today because of the 4th of July weekend. And now we have this delicious situation of both reports on the same day, with the Labor Departments unemployment insurance data people who are actually receiving unemployment benefits under state and federal programs calling the Bureau of Labor Statistics survey-based report a liar. And well go through them.
What the Labor Department reported today:
The total number of people who continued to receive unemployment compensation in the week ended June 27 under all state and federal unemployment insurance programs, including gig workers, surged by 937,810 people in the week, to 31.49 million (not seasonally adjusted), the highest and worst and most gut-wrenching ever:
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Never Before Have I Seen So Much Fake Unemployment & Jobs Data by the Bureau of Labor Statistics. (Original Post)
alwaysinasnit
Jul 2020
OP
OneBlueDotBama
(1,381 posts)1. link...
alwaysinasnit
(5,059 posts)2. Thanks! I was in too much of a rush. I will edit.
OneBlueDotBama
(1,381 posts)3. Mr. Richter is a great source of unspinning. n/t
alwaysinasnit
(5,059 posts)4. +1000
Laelth
(32,017 posts)5. k&r for the truth, no matter how depressing it may be. n/t
-Laelth