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What the Bureau of Labor Statistics reported today:
Incredibly, given the record number of unemployment insurance recipients, the Bureau of Labor Statisticsdared to claim that the number of unemployed fell by 3.2 million in June, to 17.8 million, after having already, incredibly, fallen by 2.1 million in May, making it a 5.3 million decline over two months. The BLS claims to have obtained these numbers through its surveys of households.
Given that a record 31.5 million people were actually receiving state and federal unemployment insurance benefits in the latest week and that this record number of people were actually unemployed, as per the Labor Department, the BLS is now under-reporting unemployment by at least 13.7 million people(31.5 million minus 17.8 million). What a sad joke:
In the same vein of nonsense, the BLS, based on surveys of employers, reported this morning that the number of jobs jumped by 4.8 million in June, despite continued announcements of mass layoffs, after having already jumped by 2.7 million in May, for a total of 7.5 million jobs added on net since the April low. Meaning that even as millions of people get laid off every month, many more millions of people are getting their jobs back or are getting new jobs, according to the BLS.
This flies in the face of the record 31.5 million people now receiving unemployment insurance under state and federal programs