The Bureau of Labor Statistics reported a 13.3% unemployment rate for May. The real jobless figure likely exceeds 16%.
The unemployment rate doesn't include the share of workers who may have dropped out of the workforce, perhaps due to feeling pessimistic about the chances of finding a job in the current economy. More than 6 million workers have dropped out of the labor force since February.
Of course, furloughed workers could be recalled back to work quickly, depending on the speed of the economic rebound as states begin to reopen certain business sectors. The unemployment rate would likely rebound faster in this eventuality than if the layoffs were permanent. The same misclassification phenomenon occurred in April, too — the official 14.7% unemployment rate would have been nearly 20% if furloughed workers had been identified correctly, the BLS said."BLS and the Census Bureau are investigating why this misclassification error continues to occur and are taking additional steps to address the issue," the agency said Friday in the jobs report.
"According to usual practice, the data from the household survey are accepted as recorded," the agency said. "To maintain data integrity, no ad hoc actions are taken to reclassify survey responses."
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