According to JPMorgan Chief Global Strategist David Kelly, "the measured unemployment rate still likely sharply underestimates the true unemployment rate (as it did in April)." (Image: Thinkstock)
There was quite a surprise last Friday (June 5) from the Bureau of Labor Statistics (BLS), which said the unemployment rate dropped from 14.7% in April to 13.3% in May.
But economists have called that figure into question for a variety of reasons — not the least of which was a "misclassification error" by the BLS itself.
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Janet Levaux
Editor-in-Chief Janet Levaux has covered the financial markets since 1991, with a focus on financial advisors since 2005. After graduating from Yale and the Johns Hopkins School of Advanced International Studies (SAIS), where she studied global economics, Janet worked as a freelance financial and business writer in Japan, and then as a reporter and editor for Investor's Business Daily and the Bay Area News Group in California. She earned an MBA in 2007 and since then has helped lead key ThinkAdvisor projects like its Neal-Award winning reporting on Ken Fisher, Luminaries awards program and Women in Wealth newsletter.
