by David Kranzler
Investment Research Dynamics
“Well, now that we have seen each other,” said the unicorn, “if you’ll believe in me, I’ll believe in you.” – Lewis Carroll, “Through The Looking Glass”
“The greatest trick the devil ever pulled was convincing the world he didn’t exist.” – Keyser Söze, “The Usual Suspects”
The employment report is a complete fraud. But as long as the market and it’s army of mainstream story-tellers focus just on the headline number, unicorns do exist. But the Devil is in the details:
However, there was also a large number of workers who were classified as employed but absent from work. As was the case in March and April, household survey interviewers were instructed to classify employed persons absent from work due to coronavirus-related business closures as unemployed on temporary layoff. However, it is apparent that not all such workers were so classified. BLS and the Census Bureau are investigating why this misclassification error continues to occur and are taking additional steps to address the issue.