Reuters has unemployment falling under 9%. Very good news.
But the projected budget says real unemployment is 10%
and contrarian Karl is highly sceptical of the figures given:
As usual, he has charts and stats to back him up, but as it has been said “there are liars, damn liars and statistics.”
What to make of it?
I am not sure that I think there has been such a sudden rebound. It also doesn’t fit with the record lows in the actual percentage of people employed.
Wait and see…..
and another strong view:
The fly in the ointment seems to be the shrinking number of people in the labor force. That number dropped 1.2 million in one month. It is now the lowest in decades. So you get to the 8.3 only by ignoring millions of people who aren’t even trying. Worse, the labor force grows at about 140k a month. This new, “great” report means we “created” about half as many jobs as are needed to get back to baseline.
Not so hot.