Nations lie about their unemployment rate

US  UNEMPLOYMENT  FANTASY:

from the Bureau of Labor Statistics,

on August 7, 2020:

159,870,000 labor force

   16,338,000 unemployed

10.2% unemployment rate,

(down from 14.7% in April)

This is a very bad report,

but grossly understates

actual unemployment,

based on Labor Dept.

data from the previous

day:

US  UNEMPLOYMENT  REALITY:

from the Labor Department,

on August 6, 2020:

People on State or Federal 

Unemployment Insurance 

= 32.1 million (approx. 20%)

(not seasonally adjusted,

week ended August 1, 2020)

32.1 million is the 

second highest ever, 

in week 20 of the U.S. 

"COVID-19 Depression" 

DETAILS:

15.85 million people

continued claiming 

unemployment insurance 

under regular 

state programs,

declining since May.

People who 

continued claiming 

unemployment insurance 

under all other programs

hit a record 16.27 million

last week.

They include12.96 million 

people claiming under

the federal Pandemic 

Unemployment 

Assistance (PUA) 

and 

1.14 million people claiming 

federal Pandemic Emergency 

Unemployment Compensation 

(PEUC). 

Plus some other programs:

413,385 continued claims

for STC / Workshare: 

-- a state program 

for people with 

reduced hours

of work.

Federal Employees: 

16,170 continued claims

Newly Discharged Veterans: 

16,271 continued claims.

Extended Benefits: 

67,909 continued claims. 

EUROPE:

45 million people 

have been furloughed

in Germany, the UK,

France, Italy, and Spain, 

but the 

“unemployment” rate 

barely changed, because 

furloughs don’t count

as "unemployment" ! 

Zombie jobs ?

EU unemployment in March 2020:

6.5%

EU unemployment in June 2020:

7.1%   (don't believe it ! )