-
Ever wanted an RSS feed of all your favorite gaming news sites? Go check out our new Gaming Headlines feed! Read more about it here.
-
We have made minor adjustments to how the search bar works on ResetEra. You can read about the changes here.
May jobs report: US economy unexpectedly adds 2.5 million payrolls, unemployment rate falls to 13.3% UP: Might be bull, see threadmarks
- Thread starter Mr.Awesome
- Start date
This is the answer. The jobs are back and the rich are just going to live off of the dead poor working class. I can't imagine with information on super spreaders and the protests that we won't be an equal if not even larger spike than we first had very soon. I also suspect numbers will continue to be incorrectly accounted for as testing is still not quickly freely and widely available.
TLDR We'll all die while the 1% get's to feed on the working class.
It's good that furloughed people are getting back to work, but isn't that really all this is? These aren't new jobs, we still lost millions of those that aren't coming back. The country was pushed to reopen despite the disease still spreading, and a bunch of people lucky enough to have their jobs stuck in a holding pattern are back. Also, as always with unemployment numbers, people who give up looking for work aren't considered "unemployed."
We're cheering while still having depression-level unemployment and we have no idea what the economy will even look like with all the businesses that tanked entirely during this.
I know a lot of you are trying to be even-keeled on this sort of stuff, but now is really not the time to get behind the Trump Administration's framing of things.
Those predictions holding during a month marked by widespread re-openings is pretty suspect. Almost like they wanted a way to sell people on depression-level numbers. To make the re-opening seem like a massive success rather than a minor shuffling of conditions.
We're cheering while still having depression-level unemployment and we have no idea what the economy will even look like with all the businesses that tanked entirely during this.
I know a lot of you are trying to be even-keeled on this sort of stuff, but now is really not the time to get behind the Trump Administration's framing of things.
Those predictions holding during a month marked by widespread re-openings is pretty suspect. Almost like they wanted a way to sell people on depression-level numbers. To make the re-opening seem like a massive success rather than a minor shuffling of conditions.
I'm not sure why this is that surprising, so many people were furloughed and encouraged to file for unemployment, the reopening of states was sure to reverse a huge amount of that
Update: stats might be misleading
Mas what a situation... But the stockmarket does not care....
Edit:
TL:DR The unemployment rate is actually as expected, Labour dept "made a mistake" and rigged the numbers, ignoring 5 million unemployed, but they will not correct the report because "fear of the appearance of political manipulation"
Stocks are going up based on a completely false report.
Last edited:
This is what I'm wondering, how did this turn into such a massive mis prediction?
I'm assuming pay will go back to normal by EOY presuming corona doesn't continue to decimate everything in its path. But that's a real shame for people that are coming back at reduced pay like yourself.
As new data shows early signs of economic recovery, black workers are being left out
Markets cheered on Friday as new data showed a surprising decline in unemployment, but black workers have little to celebrate.
www.cnbc.com
So they are literally posting false data and then using it for political purposes? How is what they did not fucking political?
Isn't the unemployment rate mostly bs? The last time i check it doesn't really measure whether or not people have jobs.
So, wouldn't a round of stimulus checks make even more sense now that businesses are actually reopened and there are places to spend money at, but still lots of unemployed people and people reluctant to spend money in a time of economic uncertainty?
Wait, they literally changed the approximation model during the middle of the pandemic? How exactly can you compare last month's numbers to this months when the base parameters have changed?
www.bls.gov
If I am reading this correctly, in the old model, it would have counted may as 207k new businesses but this new model now counts 345k?
While this might be a better statistical approach (no idea), kinda cynical about the timing.
CES Net Birth-Death Model
www.bls.gov
If I am reading this correctly, in the old model, it would have counted may as 207k new businesses but this new model now counts 345k?
While this might be a better statistical approach (no idea), kinda cynical about the timing.
lmao so their move was even shadier than I accused it of being above. Of course. The Trump Administration lives to fleece the market with bullshit at every opportunity.
I'm confused, so the expected rate of 19 percent is right, it's just the Labor Department made a "mistake"?
Yes fuck his administration.
Put my gf who's a nurse at risk with his shitty Coronavirus response at the beginning and now with the ridiculous Economy reopening.
I for one am shocked.
Gotta love the whole "we don't wanna seem political....but the completely BS number we gave ended up being political....whoopsie daisy! ;)"
The correction doesn't matter, that first number is all that will be used. The narrative has been set, and the real number will be buried. Personally I think it was all calculated and done on purpose.
Yes, not revising the mistake makes them look completely non-political, for sure! Nope, no manipulation going on here!
Imagine being 20% off with your "estimate" and going to your boss. I don't want to seem political, but we may have undershoot considerable by a few million people
That's some grade-A horseshit. You don't just "forget" to include millions out of your unemployment numbers.
What's worse is the numbers aren't calculated by one person but a team, so everyone on that team somehow missed that and submitted it smh
Oh wow! This should probably be threadmarked. This looks like a staged PR job by the government.
And you definitely wouldn't triple check your numbers when they're surprisingly "good".
But you'd quickly find out you fucked up right after the self-congratulating speech.
Does it? I just took it as the the Washington Post being very confident in the predictions of a near 20 percent unemployment that they pre-wrote their article and released it before the job numbers were officially released.
Publications sometime write articles ahead of time so there's nothing heinous (I think) behind it...just thought it was funny.
Last edited:
But now the White House as an out for not issuing additional stimulus checks. And that's ultimately what's important.
That... and propping up the markets with... dare I say it... fake news.
To be fair, this will be a short lived victory lap as this will make next month look worse.
Lol what a joke.
a ton of big companies are doing significant layoffs in July as well. I know a few in the bay that are doing 20% layoffs that have been planned for.
a ton of big companies are doing significant layoffs in July as well. I know a few in the bay that are doing 20% layoffs that have been planned for.
There is something fishy about these numbers....
So small businesses are hiring people back so they don't have to repay the government loans.
Are these hire-backs guaranteed? Do employers have to keep them employed for set minimum amount of time?
Could they be let go again next year?
So small businesses are hiring people back so they don't have to repay the government loans.
Are these hire-backs guaranteed? Do employers have to keep them employed for set minimum amount of time?
Could they be let go again next year?
