May Jobs: Unemployment Skyrockets to 5.5%

Once again the BLS should be embarrassed to report this data. Its model suggests that there was 42,000 jobs coming from new construction businesses, 23,000 jobs coming from professional services, and a whopping 217,000 jobs in total coming from net new business creation. The economy has slowed to a standstill and the BLS model still has the economy expanding quite rapidly.

Repeating what I said for months now, virtually no one can possibly believe this data. The data is so bad, I doubt those at the BLS even believe it. But that is what their model says so that is what they report.