Due to a ‘Misclassification Error’ the Unemployment Rate Looks Like It’s Dropping Faster Than It Actually Is
by Zack Linly from on (#54FKA)
On Friday, the Bureau of Labor Statistics released its official jobs report for May which reported the first drop in the unemployment rate since the pandemic began wreaking havoc on the U.S. economy. Just one problem: The number was off by 3 percentage points.