The real reason behind jobs report
We see sampling issues and child-care concerns as the most likely drivers of the NFP weakness. We are skeptical of the work disincentives explanation as the number of UI benefit recipients and of long-term unemployed dropped sharply. Seasonality was normal, so this does not seem to have been a major issue. We doubt the Fed will change its stance, even if an abnormal May bounce offsets the April shortfall
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FrozenTurtle : As long as the supplemental unemployment bonuses continue, unemployment is going to stay high. We’re seeing a lot a no-shows for interviews, which means they’re only putting in applications to continue receiving unemployment checks.
Mcsnacks H Tupack OP : Yea I think what the WSJ was saying is the jobs report was way off. I think their projections were 3 times what was reported. So they say the data is being sampled wrong on purpose