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DallasNE

(7,392 posts)
9. The Headline Numbers Are Completely MIsleading
Fri Jul 3, 2020, 03:17 PM
Jul 2020

Great illustration. The 4.8 million previous jobs brought back is a net number and it is understated. 588,000 old jobs were lost so the previous jobs brought back were actually 5.4 million. Nearly all of those are now at risk of a new layoff with the surging coronavirus outbreak currently going on as places now closing back down.

The other thing is the "mischaracterization" error still exists where people not working are counted as employed because their status is temporary layoff. Because they are not being paid they are supposed to be counted as unemployed. The footnote estimated that if they were correctly counted the unemployment rate for June would be 1% higher, or 12.1%. This error has been ongoing for the last 4 months now and it is hard to understand why it is so hard to fix. Some percent of these previous jobs filled and counted as new jobs this month were previously counted as employed because of the mischaracterization. No, they are not counted twice as being in the work force because there are two different surveys but it does present a rosy picture of the job situation - just as calling these new jobs does. Next month reality will set in again.

Well it's tweeting about them regardless soothsayer Jul 2020 #1
It's Down 21.32% YTD ProfessorGAC Jul 2020 #10
Yeah, climbing a 5 foot ladder after being thrown down a 20 foot well is a yuge accomplishment. n/t forgotmylogin Jul 2020 #19
Notice how he thinks the stock market works for him blakstoneranger Jul 2020 #14
I will miss Trump CatLady78 Jul 2020 #21
A very important point. kentuck Jul 2020 #2
Yep, and next month's report will show another rise because... brush Jul 2020 #3
And you never bothered to fix the hole in your bucket. C_U_L8R Jul 2020 #4
So if I went to Vegas with 1000 dollars. mahatmakanejeeves Jul 2020 #5
New math Roland99 Jul 2020 #6
Tom Lehrer! soothsayer Jul 2020 #11
Coming After Months of the Most Jobs Losses in American History? erpowers Jul 2020 #24
Interestingly, the BLS does not refer to these as "new" jobs. And, the report puts the job Hoyt Jul 2020 #7
"the number of permanent job losers .. increased by 588,000" DallasNE Jul 2020 #12
This doesn't explain continuing claims ... STILL ... being 20 million. CC would fall or wouldn't be uponit7771 Jul 2020 #17
Never mind the 30% that are never coming back? czarjak Jul 2020 #8
The Headline Numbers Are Completely MIsleading DallasNE Jul 2020 #9
+1, this the 4 month month of the same BLS "mistake" Everything touched by Trump turns to crap uponit7771 Jul 2020 #16
I'm one of those Roland99 Jul 2020 #18
AGAIN, IF THE DATA IS OUT OF THE TRUMP ADMIN---IT'S BULLSHIT!! blakstoneranger Jul 2020 #13
K&R, The CONTINUING CLAIMS was still 20 million people !! How can there be 5 million new jobs when uponit7771 Jul 2020 #15
Trump and his followers went crazy tweeting over those numbers on Thursday Demovictory9 Jul 2020 #20
It's not actually pebbles: it's marbles and loose screws; struggle4progress Jul 2020 #22
So 4million jobs in June? And 47 million have filed for unemployment in last few months? By niyad Jul 2020 #23
Latest Discussions»General Discussion»About that "yuge" jobs nu...»Reply #9