By Rex Nutting, Market Watch:
The household survey is simply insane. Do not pay any attention to it. Do not make eye contact. Just calmly walk away.
The Bureau of Labor Statistics reported Friday that the U.S. unemployment rate fell to 6.3% in April, the lowest level since the collapse of Lehman Bros. in September 2008, and the largest one-month drop in the jobless rate in three years.
Don’t believe it. The data come from a survey of about 60,000 households. In normal times, it’s pretty volatile. In April, it was absolutely bonkers. Many of the statistics in the survey are extreme outliers, producing values far outside the normal ranges.
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