I think it's pretty clear the BLS (especially considering the rate of revisions to their data) certainly has a dog in the fight, but does Gallup? I don't think so.
Gallup finds unemployment at 10% and underemployment (the same as U6 data) at 19.3%
You may ask why the BLS would want to mislead people. The Fed's in a pinch with inflation and the trillions of dollars spent in QE and other measures should show some effect. Consider for a moment that they had no effect and the Fed needs to change policy, perhaps we have some face saving efforts underway.
Is interest rates about to start going up?
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Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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