About an hour from now we'll get the latest Employment Situation report from the BLS. It's likely to show a gain of several million jobs in June. And it will be totally misleading, because the numbers will be for "the pay period that includes the 12th" 1/ https://www.bls.gov/news.release/empsit.tn.htm …
But thing fell apart in the 2nd half of the month 2/ https://www.nytimes.com/2020/07/01/business/economic-recovery-virus-surge.html …
Basically, job gains in May and early June were a false dawn, driven by a reopening that wasn't sustainable bc we hadn't controlled the pandemic. Today's report will be a monument to delusion, not an indicator of success 3/
You can follow @paulkrugman.
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