You may remember that the BLS reported tha, for July, the unemployment rate continued its decline … all the way down to 7.4%.
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.
Either Gallup is being overwhelmed by statistical noise … or a canary just died in the coal mine.
This is a stat worth watching …