Friday, December 4, 2020 4:11 AM EDT
On Friday, the BLS will update the unemployment rate. It will be a distortion of reality.
People Gave Up Looking
Pre-Covid, the labor force force was 164,516,000.
Despite the recovery, the labor force is only up to 160,867,000.
That's a decline of 3,649,000 people. Realistically, unemployment is understated by at least that amount.
Civilian Labor Force 1998-Present
Because of the way the BLS carefully constructs its questions, those people are not considered unemployed even if they still want a job.
The unemployment rate was distorted enough pre-Covid. Now it's even worse.
Disclaimer: The content on Mish's Global Economic Trend Analysis site is provided as general information only and should not be taken as investment advice. All site content, including ...
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Disclaimer: The content on Mish's Global Economic Trend Analysis site is provided as general information only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy. The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of sponsors or firms affiliated with the author(s). The author may or may not have a position in any company or advertiser referenced above. Any action that you take as a result of information, analysis, or advertisement on this site is ultimately your responsibility. Consult your investment adviser before making any investment decisions.
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