$$ Market talk — BLS reported May 16th when survey was underway that 29,965,415 Americans were receiving unemployment insurance but the survey only counted 20,985,000 as unemployed leaving an unexplained gap of 8,980,415.
Including those the unemployment rate stands at 19%.
— Gregor Peter (@L0gg0l) June 5, 2020
always read the fine print t.co/dB8wgqOoEq
— StockCats (@StockCats) June 5, 2020
Surprise: The BLS Admits Another Phony Jobs Report
Last month I stated "This was the most distorted BLS report in history." Given the BLS repeated the same error this month and admitted it, this report is more disturbing.t.co/ceRbXEaHOm
— Mike "Mish" Shedlock (@MishGEA) June 5, 2020
Important line in the BLS release:
If the workers who were recorded as employed but absent from work due to "other reasons" had been classified as unemployed on temporary layoff in May, the overall unemployment rate would have been about 3 percentage points higher than reported. t.co/6mWyqgJ9vu
— Nick Timiraos (@NickTimiraos) June 5, 2020
In plain English, this means the May unemployment rate is actually 16.3%, not 13.3%, because 4.7 million workers were misclassified as employed, but are really unemployed.
— Win Smart, CFA (@WinfieldSmart) June 5, 2020
— Invariant Perspective (@InvariantPersp1) June 5, 2020