5/6/20: "Incredible" Jobs Report Meets Reality

Some updates on the jobs report this morning for the U.S.

Political reaction:

Reality bites:

New initial unemployment claims last week: 1,603,000. Putting this into perspective:

Which brings latest non-farm payrolls figures back to 1Q 2000 levels:

So, yeah, right, "tremendous" or put differently, we have 20 years worth of jobs destroyed. Non-farm payrolls increase of 2,509,000 is a good thing at the tail end of May, but the average weekly new unemployment claims increases from March 14 through May 30 currently stand at 3,527,650. This means the "tremendous" gains are just 71% of the weekly average losses.

Beware of morons brigades pushing the successories posters.