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This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1301519
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1301519
Be careful reading too much into this. The survey period is the week that includes the 12th of the month. So it doesn’t include the big jumps in unemployment we’ve seen the last couple of weeks. The May number will be really ugly.
Details here
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It’s the stupid, economy.
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And the experts were predicting 100,000/3.8
Some “experts”
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I don’t understand this. If 10 million new unemployment claims have been filed in the past 2 weeks, how is that reconciled with 700,00 jobs lost? Perhaps, I’ll just file that among questions like why the DOW rises each time a report of new claims happens? I’m not an economist but I’m certainly not the dullest knife in the drawer. I guess I’ll just have to keep reading.
Here’s the full report:
https://www.bls.gov/news.release/empsit.nr0.htm
There’s little good news in it anywhere. If you look past the headline, you can also see that:
-The number of unemployed persons who reported being on temporary layoff more than
doubled in March to 1.8 million.
-The number of unemployed persons who were jobless less than 5 weeks increased by
1.5 million in March to 3.5 million.
-The labor force participation rate, at 62.7 percent, decreased by 0.7 percentage
point over the month.
-The change in total nonfarm payroll employment for January was revised down by
59,000 from +273,000 to +214,000.
So, in addition to the 701 thousand jobs lost last month, millions more were pushed to the brink. I have a feeling April’s job report will be far, far worse. We’ve only just begun here folks.
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Thanks so much…I included a question on this in a previous posting but this seems reasonable to me.
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It looks like the job losses have a faster doubling rate than the pandemic…
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Winning again Trump beats W in American jobs losses and deaths. USA USA
Keep electing republican’s, What have you got to lose?
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They’ve underestimated the weekly jobless claims, too. In their defense, though (and in a backhanded compliment to Trump), how does one model for something that hasn’t been seen before?
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Those will show up in May’s figures.
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Arranging shipments of US tax-dollar paid PPE to the highest foreign bidder I would imagine…
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Through her family’s shipping business, I’m sure.
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She is Transportation now. She was Labor under George W.
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The unemployment numbers released today relate to early-to-mid-March. The real situation is much, much worse now.
For both surveys, the data for a given month relate to a particular week or
pay period. In the household survey, the reference period is generally the
calendar week that contains the 12th day of the month. In the establishment
survey, the reference period is the pay period including the 12th, which may or
may not correspond directly to the calendar week.
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My bad. Comment deleted.
This is a turning point event. With this jobs report we know for certain that the Obama economic recovery is officially over. That will damage Trump’s ratings on the economy and cause his disapproval rate to increase. This, combined with a poor response to the Corona virus, should pretty much pin him down in the low 40s with him moving down into the mid to high 30s in several polls.
Much of this report was done before the lock downs. It therefore reveals that the global impact of the virus was already hitting the US economy and that we would be in a faster slowdown even if the virus had not hit the US as severely as it has.
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You give far too much credit. In thinking they bothered to do so at all.
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All the great work done by President Obama’s administration, Janet Yellen at the Federal Reserve and Nancy Pelosi, Harry Reid and Chuck Schumer in Congress have been wiped out with the wasteful, crony capitalism conservative policies under President Trump, Jerry Powell, Kevin McCarthy and Mitch McConnell. The only people who are going to come out richer are the Trumps, the Powells and the McConnells. McCarthy is as dense and dumb as a brick made of a million George Bushes.
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