Uncategorized

True Unemployment Is Much Higher Than You Think

High Crimes and Misdemeanors

On October 2, 2020, the US Bureau of Labor Statistics (BLS) issued its latest employment report and it wasn’t good news. Unemployment, BLS said, stood at 7.9%. It marked the fifth straight month that unemployment dropped, after the enormous jump from 4.4% in March (itself a significant increase over February’s 3.5%) to 14.7% in April.

But the September decline was only 0.5% and still left the United States well above February’s level when the labor market was extremely healthy. Or was it?

Most of what we hear about the economy, from journalists, politicians, economists, and pundits, is that we need to get back to where we were before COVID hit. But mid-way through October, that seems an unlikely prospect.


View original post 1,247 more words

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: