AS FOR THE STOCK MARKETS, COVID-19 IS IN THE REAR VIEW MIRROR.
June 7, 2020 6 Comments
May unemployment article numbered
I have replaced the original article. All that is different is that the Graphs are now numbered correctly.
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I was wondering something regarding your analysis for the humanhours worked when compared to payrolls. If payrolls are considered as variable capital. Do you imply a mild rise in the level of exploitation is recorded ?
Good point. If the number of labour hours worked increases faster than payroll numbers and the ratio of full time to part time workers remains constant, then if there is no increase in the hourly rate of pay, this would imply a rise in the absolute rate of exploitation. However, in the case of the BLS which inflates payrolls, this may not be true. For example part of the BLS seasonal adjustment is to increase or decrease payrolls depending on the number of new companies opening up or closing down, which to be frank is silly as many are shell companies or they have been set up by small property owners even retired people to manage their tax affairs.
t’s great that you don’t just accept and reference statistics published by bourgeoise organs taking the time and effort to dig deeper to uncover lies and deceptions.
Last Friday the so called “investors” got the spin they wanted (unemployment) to buy. I don’t think it mattered that much what the actual rates were.
Thanks for posting your thoughts and insights. As always interesting reads and informative.
There is growing disquiet with the unemployment data presented on Friday, especially the headline numbers which the algos latched on to. It is now accepted that the unemployment rate is deflated by a failure to account for furloughed workers resulting in a pledge by the BLS to retrain their staff to ask more specific questions when doing the household survey. While employment data lies, tax data does not and here there was a distinct improvement in government finances with the deficit coming in at $400 billion rather than the $600 billion anticipated.https://www.cbo.gov/publication/56390
Also Cameron, it is worth noting that the Republicans in Congress are using the employment data to support their argument that there should be no further support for workers, saying they can and should go back to work.