Nums: Gallup says unemployment surging …

You may remember that the BLS reported tha, for July,  the unemployment rate continued its decline … all the way down to 7.4%.

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Good news. right.

Not so fast …

 

No, we’re not going to harp on the downmixing to part-time jobs again.

More fundamentally, the Gallup employment survey – which tends to tracks pretty closely with the BLS reports — has detected a surge in unemployment over the past couple of weeks.

Gallup reports that the unemployment rate is up about a point to a whopping 8.9% …. back to early 2012 levels.

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Either Gallup is being overwhelmed by statistical noise … or a canary just died in the coal mine.

This is a stat worth watching …

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