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Offline mystery-ak

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Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« on: June 05, 2020, 01:32:07 pm »
Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
by Jay Heflin
 | June 05, 2020 08:33 AM



The economy gained 2.5 million jobs in May, lowering the unemployment rate to 13.3%, the Labor Department said Friday.

The payroll gains, the largest on record, represented a stunning development and a hint that the worst-case scenario for the economy might not come to pass. Forecasters had expected job losses of 8 million and an unemployment rate of about 20%.

The economy had shed 1.4 million and 20.7 million jobs, respectively, in March and April.

Employment rose sharply in sectors like leisure, hospitality, and retail as states began to reopen last month — the same industries that had seen extreme rates of layoffs as the pandemic struck. The leisure and hospitality sectors saw job gains of 1.2 million, following losses of 7.5 million in April and 743,000 in March. The retail sector gained 368,000 in May, after a loss of 2.3 million in April.

more
https://www.washingtonexaminer.com/news/shock-jobs-report-unemployment-rate-drops-to-13-3-as-economy-gained-2-5m-jobs-in-may
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Offline catfish1957

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #1 on: June 05, 2020, 01:45:46 pm »
 happy77 happy77 happy77 happy77 happy77 happy77 happy77 happy77 happy77 happy77 happy77

Had to watch the talking heads on this news.  I got absolute joy watching the pained looks on their faces having to report this.

Bring on the "V" Recovery BABY!!!!!!

BTW...Market up almost 800 points today!!!!!
« Last Edit: June 05, 2020, 01:47:14 pm by catfish1957 »
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Offline jmyrlefuller

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #2 on: June 05, 2020, 02:07:53 pm »
Now wait for the breathless "second wave" talk. "We lifted the lockdowns too early! PEOPLE WILL DIE!!!1"

Meanwhile, you have riots in the streets.
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Offline cato potatoe

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #3 on: June 05, 2020, 02:36:41 pm »
The weekly initial claims make this report difficult to believe.  We saw 1.9 million claims just last week, and that is three times worse than any week in 2008/2009.
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Offline Right_in_Virginia

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #4 on: June 05, 2020, 02:41:12 pm »
Quote
May sees biggest jobs increase ever of 2.5 million as economy starts to recover from coronavirus
CNBC. Jun 4, 2020

Employment stunningly rose by 2.5 million in May and the jobless rate declined to 13.3%, according to data Friday from the Labor Department that was far better than economists had been expecting and indicated that an economic turnaround could be close at hand.

Economists surveyed by Dow Jones had been expecting payrolls to drop by 8.33 million and the unemployment rate to rise to 19.5% from April’s 14.7%. If Wall Street expectations had been accurate, it would have been the worst figure since the Great Depression.

As it turned out, May’s numbers showed the U.S. may well be on the road to recovery after its fastest plunge in history.

“It seems the damage from the nationwide lockdown was not as severe or as lasting as we feared a month ago,” said Scott Clemons, chief investment strategist at Brown Brothers Harriman.

The stock market burst higher following the report as the Dow Jones Industrial Average opened higher by around 700 points. Government bond yields raced higher as well, with the benchmark 10-year Treasury most recently at 0.91%.

President Donald Trump expressed pleasure at the report, directing two tweets to CNBC.

More:  https://www.cnbc.com/2020/06/05/jobs-report-may-2020.html

POTUS holding a presser now.   happy77
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Offline Right_in_Virginia

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #5 on: June 05, 2020, 02:43:38 pm »
Quote
Donald J. Trump
@realDonaldTrump

It’s a stupendous number. It’s joyous, let’s call it like it is. The Market was right. It’s stunning! @jimcramer  @CNBC

8:59 AM · Jun 5, 2020·Twitter for iPhone


https://twitter.com/realDonaldTrump/status/1268890135459921921
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Offline Right_in_Virginia

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #6 on: June 05, 2020, 02:44:54 pm »
Quote
Donald J. Trump
@realDonaldTrump

Oh no, the Dems are worried again. The only one that can kill this comeback is Sleepy Joe Biden!

8:54 AM · Jun 5, 2020·Twitter for iPhone


https://twitter.com/realDonaldTrump/status/1268888880264155136
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Offline truth_seeker

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #7 on: June 05, 2020, 02:53:28 pm »
Dow up over 700
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Offline Right_in_Virginia

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #8 on: June 05, 2020, 02:55:23 pm »
Quote from: truth_seeker on June 05, 2020, 02:53:28 pm
Dow up over 700

The patient is coming out of its medically induced coma!  happy77
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Offline Right_in_Virginia

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #9 on: June 05, 2020, 03:00:01 pm »
Quote
Francis Brennan (Text TRUMP to 88022)
@FrancisBrennan

EVERY station is airing President @realDonaldTrump's remarks on the May jobs report except CNN.




https://twitter.com/FrancisBrennan/status/1268914267929161728
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Offline truth_seeker

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #10 on: June 05, 2020, 04:17:42 pm »
I know better, than to predict a Trump win in Nov. but a strong economy sure would point in that direction right?

The contrasting visual of upbeat, tanned Trump talking enthusiasm, confidence, earlier today....and pasty mask faced Hiden Biden is just srtiking.

Rising to see the market up was superb.

A "-shaped" recovery it shal bee.

News yesterday of a "warp-speed" vacinne prospect being tested in Brasil.

Looks like Oil heading up on increased demand which will follow overall economic recovery




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Offline mystery-ak

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #11 on: June 05, 2020, 04:22:18 pm »
Paul Krugman Says, Without Evidence, That Great May Jobs Numbers Might Be ‘Cooked’
https://www.breitbart.com/economy/2020/06/05/krugman-jobs-cooked/



Krugman apologizes for saying Trump might have manufactured positive job figures
https://thehill.com/homenews/media/501312-krugman-apologizes-for-saying-trump-might-have-manufactured-positive-job
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Offline mystery-ak

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #12 on: June 05, 2020, 04:23:13 pm »
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Offline Fishrrman

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #13 on: June 05, 2020, 11:01:49 pm »
truth seeker ponders:
"I know better, than to predict a Trump win in Nov. but a strong economy sure would point in that direction right?"

Not any more.

Back in the 20th Century:
"It's the economy, stupid..."

Today:
"It's the ideology, baby...!"
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Offline kevindavis007

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #14 on: June 06, 2020, 02:54:07 am »

Explainer: May's jobs report stunner: real deal or head fake?
https://www.reuters.com/article/us-usa-economy-jobs-explainer-idUSKBN23C2MV

I think it is real..
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Offline kevindavis007

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #15 on: June 06, 2020, 02:56:59 am »

A ‘misclassification error’ made the May unemployment rate look better than it is. Here’s what happened.
https://www.washingtonpost.com/business/2020/06/05/may-2020-jobs-report-misclassification-error/
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Offline kevindavis007

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #16 on: June 06, 2020, 02:58:21 am »
Quote from: catfish1957 on June 05, 2020, 01:45:46 pm
happy77 happy77 happy77 happy77 happy77 happy77 happy77 happy77 happy77 happy77 happy77

Had to watch the talking heads on this news.  I got absolute joy watching the pained looks on their faces having to report this.

Bring on the "V" Recovery BABY!!!!!!

BTW...Market up almost 800 points today!!!!!


Now they are saying that Trump cooked the books!
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Offline catfish1957

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #17 on: June 06, 2020, 07:19:10 am »
Quote from: kevindavis on June 06, 2020, 02:58:21 am

Now they are saying that Trump cooked the books!

Couldn't get past the WaPo "subscribe now" pop up.  So not sure of your source.  Plus there's already a part of me that knows that WaPo lies almost as much as the NYT.  Let me check other sources.
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Offline catfish1957

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #18 on: June 06, 2020, 07:34:53 am »
Quote from: kevindavis on June 06, 2020, 02:58:21 am

Now they are saying that Trump cooked the books!

@kevindavis

Seems that particular WaPo writer and econ advisor has had a hard on for Trump in the past.  AND....don't forget this is the WaPo....  They've made an art out of lying.

Here's a countering link, and a few specific comments which strongly point that Krugman is full of shit...

<snipit>

Jason Furman, who was the chairman of the Council of Economic Advisers under President Barack Obama, said that Krugman should "100% discount the possibility that Trump got to the BLS," adding, "BLS has 2,400 career staff of enormous integrity and one political appointee with no scope to change this number."

Erica Groshen, a former commissioner of the Bureau of Labor Statistics, agreed, noting that there were "no red flags" in the data.

"As former BLS Commissioner, I see no red flags. And, knowing the processes used and integrity of BLS staff, I think it very unlikely. Commissioners see no number before it's final. If I hear anything different, I'll trumpet it loudly," she wrote.

https://www.washingtonexaminer.com/news/paul-krugman-trump-may-have-cooked-the-books-for-strong-may-jobs-report
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Offline catfish1957

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #19 on: June 06, 2020, 11:52:30 am »
Quote from: catfish1957 on June 06, 2020, 07:34:53 am
@kevindavis

Seems that particular WaPo writer and econ advisor has had a hard on for Trump in the past.  AND....don't forget this is the WaPo....  They've made an art out of lying.

Here's a countering link, and a few specific comments which strongly point that Krugman is full of shit...

<snipit>

Jason Furman, who was the chairman of the Council of Economic Advisers under President Barack Obama, said that Krugman should "100% discount the possibility that Trump got to the BLS," adding, "BLS has 2,400 career staff of enormous integrity and one political appointee with no scope to change this number."

Erica Groshen, a former commissioner of the Bureau of Labor Statistics, agreed, noting that there were "no red flags" in the data.

"As former BLS Commissioner, I see no red flags. And, knowing the processes used and integrity of BLS staff, I think it very unlikely. Commissioners see no number before it's final. If I hear anything different, I'll trumpet it loudly," she wrote.

https://www.washingtonexaminer.com/news/paul-krugman-trump-may-have-cooked-the-books-for-strong-may-jobs-report

And nary a mention of anything of the kind from the WSJ.  Hmmmmm for financial news .....  do I trust WaPo or the WSJ?     :silly:

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Offline kevindavis007

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #20 on: June 06, 2020, 12:39:24 pm »
Quote from: catfish1957 on June 06, 2020, 11:52:30 am
And nary a mention of anything of the kind from the WSJ.  Hmmmmm for financial news .....  do I trust WaPo or the WSJ?     :silly:


@catfish1957


That is what I thought.  Thank you for the info!
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Offline catfish1957

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #21 on: June 06, 2020, 12:47:14 pm »
Quote from: kevindavis on June 06, 2020, 12:39:24 pm

@catfish1957


That is what I thought.  Thank you for the info!

Mr. Davis,  Never thought I would have to permanently mount my bs detector while reading so many MSM articles in this day in time.  In fact I have become so jaded on reading anything from MSN, WaPo, NYT, CNN, etc,  that I start from the premise at the beginning that it is a lie.  I then work back from there.

Don't get me wrong, I am not the biggest Trump fan, but there is pretty much 100% proof that MSM has a 100% objective to make Trump look as bad as possible.   It's undeniable.
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Offline Fishrrman

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Re: Shock report: Unemployment rate dropped to 13.3% as economy gained 2.5M jobs in May
« Reply #22 on: June 06, 2020, 08:57:22 pm »
catfish wrote:
"In fact I have become so jaded on reading anything from MSN, WaPo, NYT, CNN, etc,  that I start from the premise at the beginning that it is a lie."

That's not being "jaded".
It is being "informed".

(could it be called "the flip side of 'woke'...?")
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