What Does the Shocking Unemployment Report Really Mean?
No one is sure whether this is a dead-cat bounce or the beginning of a glorious summer of economic recovery.
Most people who considered themselves students of the economy knew exactly what to expect yesterday morning.
The Bureau of Labor Statistics would release the May unemployment report, and it would be another bloodbath. Economists predicted that more 7 million jobs would be lost. I confidently forecasted that unemployment would soon scream past 20 percent, potentially eclipsing the all-time record set during the Great Depression.
Then, at 8:30 a.m., the report went online. And I was reminded that predicting
