Gallup Mid-Month Survey Confirms Prior Reading of 10% Unemployment; Expect Huge Rise in Unemployment After Mid-Term Elections
“One of the things holding down the BLS unemployment rate is the huge number of people the BLS claims has dropped out of the labor pool.
Allegedly 175,000 dropped out of the labor pool in September. Moreover, 1,768,000 workers supposedly dropped out of the labor force in the past year.
While demographics suggest there will be a large number of boomers retiring, that fact is indicative of a labor pool that should be growing more slowly, not a labor pool massively contracting.
Even with the above astonishing numbers, the BLS reported unemployment rate is 9.6%.
I smell a huge rise in unemployment in the November 5th BLS jobs report, conveniently after the mid-term elections. I am sticking with my forecast that says new highs in the unemployment rate are yet to come.”
Via MISH’S Global Economic Trend Analysis