The Department of Labor has admitted that government household survey takers mistakenly counted about 4.9 million people as employed, although they were unemployed.
The Labor Department acknowledged that for the last two months, it was aware of this issue, but didn’t widely report it or make the necessary adjustments. The big question is whether or not this was purposely done or a typical government blunder.
There’s a lot at stake, especially since the U.S. has the upcoming presidential election in November. America was able to see in real time how President Donald Trump quickly held a press conference andand the stock market’s skyrocketing rise. Ironically, when Trump talked about the figures in his press conference, he poked fun at the economists and professional investment prognosticators for all being wrong.
Additionally, there are several other important matters that are glossed over too. The trillion-dollar stimulus package offered forgivable loans to companies if they retain staff for a specified period of time. There’s reason to believe that a good portion of these workers may be let go once they meet that time threshold in October. 42% of people furloughed will never get their old jobs back
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