US unemployment falls to 10.2%
Miscalculation errors continue to understate headline figures, Peterson Institute research finds
US employment fell again in July to 10.2%, as parts of the economy resumed some more normal operations.
But at 0.8 percentage points, the decline in unemployment was smaller than in the previous two months. Unemployment has come down from 14.7% in April.
Two economists from the Peterson Institute of International Finance say the official statistic understates unemployment when viewed from a historically comparable perspective.
Jason Furman and Wilson Powell argue a “misclassification error”
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