Market Weekly: June 1 – 6 2020


And MAY 2020 JOBs report indeed is rosier than reality … and #45 and company did NOT manipulate — but more the chaos of counting furloughed workers, difficult to measure during COVID-19, U/E filing delays, etc. Instead of 13% probably should be more like 16% as there is a 3% “gray area” as noted below

May jobs report had ‘misclassification error’ that made the unemployment rate look lower than it is. Here’s what happened

[b]When the U.S. government’s official jobs report for May came out on Friday, it included a note at the bottom saying there had been a major “error” and the overall unemployment rate would have been about 3 percentage points higher than reported,” meaning the unemployment rate would be about 16.3 percent for May.

Some took this as a sign that President Donald Trump or one of his staffers might have tinkered with the data to make it look better, especially since most forecasters predicted the unemployment rate would be close to 20 percent in May, up from 14.7 percent in April. But economists and former BLS leaders from across the political strongly dismissed the idea that Trump or anyone else tampered with the data.[/b]