PPP loans are distorting the employment numbers - Per Dan Alpert

[Dawson Leery]

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He also says the markets are overvalued. Take the profits while you can.

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[Proud liberal 80]

1. So the government

Is helping the economy.....SOCIALISM

[Dawson Leery]

2. Without demand, these jobs will disappear again.

[SWBTATTReg]

3. Yes these numbers are distorted. Basically the government bribed businesses to not lay off ...

people and the businesses would in effect, get paid. A lot of businesses chose not to participate in this program for they had some pretty clear cut guidelines they had to follow, to get the cash (which if they held onto workers for X period of time, they wouldn't have to pay the cash back).

I don't think that they anticipated the hiring surge (I did), they didn't realize how resurgent the economy and businesses are, in the numerous solutions that they all by the thousands came up w/, in order to safeguard businesses, employees, etc. with the CV raging around.

Thing is, the war on CV is not over with by far, sure we've won some battles, but the war, is not over, especially now with the sheer volume of protests going on. Perhaps we'll be a little smarter in isolation techniques, but I don't think so. I think that little pockets of CV infections will continue for years (at least a couple), due to the selfish nature of a lot of Americans, e.g., republicans (remember their protests on stay at home orders?).

Look at the CV that's currently raging in rural America. I hate to say it, rural America watched the CV epidemic, saw it coming, and for the most part, ignored it (it won't happen to us, or 'not in our back yard'), and now the reaper is there in rural America to gather his harvest.

Sad, but they had warning, they had time to prepare, they had it all, watching the unfortunate deaths in NYC spiral upwards, and in
other cities, more died by the thousands. But hey, you got to remember their cred, 'the only good democrat is a dead democrat', eh?
Truly I do hope it turns out well for everyone, everywhere, but I don't think it's going to happen.

[uponit7771]

4. K&R, its worse than that. The continuing claims went up by half a million so the UE rate can't fall

... unless the LFPR falls to but it didn't

The BLS admits in page 6 of its report that there was a continuing 3 month "mistake" made by how they're classifying some of the unemployed but don't give a relative number for people to judge how big of a mistake it was.

I'm disappointed in the BLS .. very disappointed.

They're politicizing unemployment numbers by reporting the adjusted number vs the actual

[judeling]

5. BLS is doing exactly what it should do

PPP was designed to do just his. flatten the curve.
But 70-75% of these jobs re actually temporary. The real effects will gradually build throughout the summer and fall.
I expect that next months numbers will also be read as good.
Then we will see the numbers start to retreat again.