Breaking News: Unemployment 13%

[TC Talks]

Wait til the second wave of COVID comes crashing in.

Imagine being such a despicable piece of shit that you'd be wishing for this. Also, all the covid predictions have been wrong to date.

You Matt in effect (by calling the governor names and mocking science) are doing exactly what screen glare here is suggesting might happen.

[screen glare]

Really, Matt? Sure as hell seems its killed a lot of people. As predicted.

By the way - you confuse “wishing” with scientific conclusion.

But - of course - you actually know that. Just a shit disturber.

[TC Talks]

Don't forget closet White Supremacist with his support for their leader.

[Bryce]

(by calling the governor names and mocking science)

Sometimes, "science" needs to be mocked...

(NEWSER) – First, the esteemed Lancet medical journal retracted a major study on Thursday about hydroxychloroquine. Then, the New England Journal of Medicine did the same with another big study related to COVID-19 and blood pressure drugs. Both retractions have a common denominator: They relied on data supplied by a US analytics company called Surgisphere, which is coming under increasing scrutiny over the credibility of its international database. The Lancet study had cast doubt on the effectiveness of the anti-malarial drugs hydroxychloroquine and chloroquine as a coronavirus treatment, reports the Wall Street Journal. The retraction is now renewing the hope that the drugs (highly touted by President Trump) can work safely after all, and the World Health Organization already has said it would resume trials, notes the New York Times

And, lets not forget how flawed the "scientific" models were. 1.6 million of us were going to die according to one of them.

[audiophile]

The only person I personally know that died from Covid-19 had a long family history of heart disease, two stents and was recently diagnosed with COPD.

[Matt]

Wait til the second wave of COVID comes crashing in.

Imagine being such a despicable piece of shit that you'd be wishing for this. Also, all the covid predictions have been wrong to date.

You Matt in effect (by calling the governor names and mocking science) are doing exactly what screen glare here is suggesting might happen.

RE: "Calling the governor names"

I don't think I've called her anything on here other than an abject failure and a "Karen". I view that as not name calling, but rather proper identification. A Karen is an entitled middle aged white woman who'd like to speak to the manager. Whitmer reached peak-Karen status by making herself the de facto manager.

RE: "Mocking science"

I haven't mocked science. I've explained ad nauseum that natural science is not the only "science" to consider. I look at economics, statistics, math, and political science when coming up with an opinion. Natural science has been wrong about death counts and wrong about how the damn thing even spreads. For someone who trashes religious people at every turn, it certainly seems like unfounded natural science is your religion.

Don't forget closet White Supremacist with his support for their leader.

I've asked you before to knock this shit off. This is the final time I will ask.

[Rate This]

‘Misclassification error’ made May unemployment rate look better than it is. Here’s what happened.
When the U.S. government’s official jobs report for May came out on Friday, it included a note at the bottom saying there had been a major “error” indicating that the unemployment rate likely should be higher than the widely reported 13.3 percent rate.
The special note said that if this “misclassification error” had not occurred, the “overall unemployment rate would have been about 3 percentage points higher than reported,” meaning the unemployment rate would be about 16.3 percent for May.
The Bureau of Labor Statistics, the agency that puts out the monthly jobs reports, said it was working to fix the problem.
“BLS and the Census Bureau are investigating why this misclassification error continues to occur and are taking additional steps to address the issue,” said a note at the bottom of the Bureau of Labor Statistics report.
Some took this as a sign that President Trump or one of his staffers may have tinkered with the data to make it look better, especially since most forecasters predicted the unemployment rate would be close to 20 percent in May, up from 14.7 percent in April. But economists and former BLS leaders from across the political spectrum strongly dismissed that idea.
“You can 100% discount the possibility that Trump got to the BLS. Not 98% discount, not 99.9% discount, but 100% discount,” tweeted Jason Furman, the former top economist for former president Barack Obama. “BLS has 2,400 career staff of enormous integrity and one political appointee with no scope to change this number.”
Economists say the BLS was trying to be as transparent as possible about how hard it is to collect real-time data during a pandemic. The BLS admitted that some people who should have been classified as “temporarily unemployed” during the shutdown were instead misclassified as employed but “absent” from work for “other reasons.”
The “other reason” category is normally used for people on vacation, serving jury duty or taking leave to care for a child or relative. These are typically situations where the worker decides to take leave. But in this unusual pandemic circumstance, the “other reason” category was applied to some people staying at home and waiting to be called back.
This problem started in March when there was a big jump in people claiming they were temporarily “absent” from work for “other reasons.” The BLS noticed this and flagged it right away. In March, the BLS said the unemployment rate likely should have been 5.4 percent, instead of the official 4.4 percent rate. In April, the BLS said the real unemployment rate was likely about 19.7 percent, not 14.7 percent.
Economists said the big takeaway is that it’s hard to collect real-time data during a pandemic and that while the unemployment rate remains high — likely more than 16 percent — it has declined a little from April.
The unemployment rate comes from a survey where Census workers ask about 60,000 households questions about whether they are working or looking for a job the week of May 10 to 16.
One of the first questions that gets asked is did the person do any work “for pay or profit?” There are then 45 pages of follow up questions that come after that. One of those questions asks if someone was “temporarily absent” from the job and why that absence occurred. One of the responses is “other.”
The BLS instructed surveyors to try to figure out if someone was absent because of the pandemic and, if so, to classify them as on “temporary layoff,” meaning they would count in the unemployment data. But some people continued to insist they were just “absent” from work during the pandemic, and the BLS has a policy of not changing people’s answers once they are recorded. It’s how the BLS protects again bias or data manipulation.
Former staffers said it’s unusual that the BLS was not able to correct this problem faster.
“It’s surprising the BLS couldn’t come up with fixes to make this work in May,” said Erica Groshen, the former BLS commissioner under Obama. But, she adds, “This is a very unusual situation. There are lots of field staff who had a tried and true way of asking questions and they were doing what they were used to doing.”
The only political appointee at the BLS is the commissioner, who, Groshen said, does not have access to the data and only sees the finalized report.
“The commissioner never sees the job report before it is final. As commissioner, I did not have access to the underlying data,” Groshen said. “This is a highly automated process.”
Instead of focusing on possible Trump interference, many economists wish people would focus on the fact that 21 million Americans are currently unemployed and over 2 million have permanently lost their jobs.
The situation remains dire, they say, even after a few jobs returned in May as the economy reopened.

So it should have been 5.4 in March instead of 4.4.
19.7 in April and 16.3 in May... don’t pop the champagne just yet...

[screen glare]

Trump knew all of this before his chock full o’ nuts news conference. He always lies, and carnival barks - whatever he’s tricking you into believing. Always!

Think about what you saw.

He doesn’t drag himself away from the upstairs bank of televisions until about 11 am. So he can be made up and hair sprayed and poured into his suit pants to get downstairs by noon. Eat lunch. Sit around a conference table. Make phone calls at the desk to Vlad-the-Invader. For the latest marching orders. Inspect the bunker. You know.

Yet - much earlier on Friday - the press was told last minute - to quickly prepare for a hastily called Trump news conference.

Ya think with him all coiffed and painted and everything set up in the rose garden that the news conference wasn’t planned WELL in advance of when the press was alerted?

Total Trump Show.
Nothing last minute. All carefully planned.
He knew the numbers had been selected. He knew everything far in advance.
Otherwise no way he would have been all primed and ready to go so early.

He’s nothing but a GD propaganda trumpet every (goose) step of the way.

BREAKING NEWS TODAY: May Unemployment 16.3%

NOT 13% , Suckers!

[UP906]

Remind me to never take financial advice from you two.

https://finance.yahoo.com/news/astonish ... 32884.html

[MWmetalhead]

The CARES Act and other economic bolstering measures went a long, long way toward preventing an economic crash landing (i.e. a depression). Without the backstop, unemployment would have been much worse!

Secretary Mnuchin deserves a lot of credit.

That being said, commercial credit quality trends are not good. Plenty of companies are headed for financial covenant defaults. If the economy rallies and there is no second wave, damage to banks' balance sheets shouldn't be too bad and flow of financial capital should remain decent. However, if resumption of normal consumer habits is slow and gradual, there could be more pain in store economically (I don't see this as a big risk, personally). A second bad COVID wave would be very harmful to the stock market and commerce in general.

[TC Talks]

The only person I personally know that died from Covid-19 had a long family history of heart disease, two stents and was recently diagnosed with COPD.

Nothing more legit than word of mouth evidence. I knew a guy who had a friend that was totally fine and was dead in 10 days.

[MWmetalhead]

I have a co worker whose husband became seriously ill and had not one, but two (!!!) close friends who died from COVID.

[MWmetalhead]

The following stocks have been big, big winners if you bought near the bottom in March:
Virtually all airlines
Virtually all integrated oil companies
Most national and superregional banks
Sysco
Nvidia
AMD
Broadcom
Kohls
Zoom
PayPal
Paycom
ZScaler
Sysco
Tesla
Chipotle
Entercom
New Residential Investment Corp (up nearly 200 percent since bottoming out even though Jim Cramer said "don't touch it!" following its major dividend reduction).

[Rate This]

The following stocks have been big, big winners if you bought near the bottom in March:
Virtually all airlines
Virtually all integrated oil companies
Most national and superregional banks
Sysco
Nvidia
AMD
Broadcom
Kohls
Zoom
PayPal
Paycom
ZScaler
Sysco
Tesla
Chipotle
Entercom
New Residential Investment Corp (up nearly 200 percent since bottoming out even though Jim Cramer said "don't touch it!" following its major dividend reduction).

I think we are heading well into the territory of being overbought and risking it correcting again...

[Rate This]

The CARES Act and other economic bolstering measures went a long, long way toward preventing an economic crash landing (i.e. a depression). Without the backstop, unemployment would have been much worse!

Secretary Mnuchin deserves a lot of credit.

That being said, commercial credit quality trends are not good. Plenty of companies are headed for financial covenant defaults. If the economy rallies and there is no second wave, damage to banks' balance sheets shouldn't be too bad and flow of financial capital should remain decent. However, if resumption of normal consumer habits is slow and gradual, there could be more pain in store economically (I don't see this as a big risk, personally). A second bad COVID wave would be very harmful to the stock market and commerce in general.

Shouldn’t congress deserve more credit? They came up with it in the first place... Mnuchin did ok... but there were still massive issues with who got the money... as for things coming back quickly... what are you smoking?