
Never Have I Seen So Much Fake Unemployment and Jobs Data by the Bureau of Labor - jollofricepeas
https://wolfstreet.com/2020/07/02/never-before-have-i-seen-so-much-fake-unemployment-jobs-data-by-the-bureau-of-labor-statistics-while-labor-department-nails-it/
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mdorazio
This is way worse than when the census survey for median incomes was quietly
changed a few years ago to make it seem like things were getting better [1].
This makes me question if the fault is with the BLS survey itself, or with the
people reporting on the data.

[1] [https://www.census.gov/library/stories/2019/09/us-median-
hou...](https://www.census.gov/library/stories/2019/09/us-median-household-
income-not-significantly-different-from-2017.html)

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mr_toad
The definitions are different and always have been.

There is a long history of reasoned debate about which measure is better and
what the differences are, and there are many worthwhile articles on the
subject.

This angry rant is not one of them.

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iamthemonster
What I don't understand from the article is why I should believe the Labor
Department over the Bureau of Labor? There is no evidence presented, the
author just states there is a difference and then concludes it is the Bureau
of Labor who is wrong. Am I missing something?

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jmalicki
The BLS is the bureau within the labor department that computes these numbers.
The BLS is the department of labor.

    
    
      There are different numbers based on unemployment claims vs. a survey of people who say they're looking for work.  It is possible to look for work while not being eligible for unemployment insurance, for instance.
    

During COVID in some places it is possible to receive benefits while not
actively looking for work, as the government has shut down many jobs. This is
a matter of nuances in the definition of the figures.

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jjeaff
Does the data account for reduced hours workers. Because many people receiving
the federal unemployment subsidy of $600/month are only working less hours,
but are still employed. The same goes for all the gig workers making less
right now but still technically working.

So unless that data is broken out, it seems plausible that the dol number
includes employed and reduced hour workers where as the bls survey is just
asking if you have "some" employment or not.

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JKCalhoun
What a house of cards the U.S. economy is. I am truly worried wondering when
the other shoe is going to drop.

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Aloha
When the hopium that wall street is smoking runs out. Probably the end of
November.

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joshspankit
Hahaha no disrespect, but I’ve been seeing almost this exact conversation
continually for at _least_ 20 years (the number of years I’ve been curious
about economics).

At this stage, it doesn’t matter what runs out, who takes the fall, or
anything else (save the democratic power of the people): the power structure
will do whatever it takes to maintain that house of cards.

Fractional reserve lending alone can prop up the system almost indefinitely.
(Feel free to debate this if you feel strongly, but A. it’s only 1 tool in the
garage, and B. Arguments about “they can’t” or “it’s not legal” are irrelevant
because they will simply change or circumvent the law.)

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smitty1e
That the unemployment numbers are politicized is hardly a shocking claim.

However, given the demonstrated willingness of the current Administration's
detractors to attack the way the man drinks water or descends a ramp, it seems
odd that a substantive story like "The Numbers Are Baked" has been overlooked.

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novaRom
Home prices will fall. Lots of tenants probably not paying already right now.
Commercial properties - lower demand. Job security in the near future is huge
problem especially if the next shutdown will be imposed in winter.

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asdff
I remember reading a third of tenants in LA did not pay april rent

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mnm1
The unemployment figures were conveniently off by a few million last month
too. Clearly they are being manipulated to prop up the stock market. It's so
obvious.

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perl4ever
A lot of things look suspicious if you've never noticed them before and have
no frame of reference. Official statistics have always been revised over time,
and any given person may or may not have ever noticed, and nothing forces the
media to notice or be consistent about it.

