March 22, 2010
Just in case anyone needed confirmation that the DOL data is just a little, how should we say it, cooked, here comes Gallup with their March 15 undermployment number, which just hit a 2010, and series, high of 20%. This is obviously worse compared to both the beginning of the year (19.5%) and February (19.8%). Unlike the Dept of Labor’s arcane voodoo which lately is based more on executive confidential memos and snowfall observations, Gallup’s underemployment measure is based on more than 20,000 phone interviews collected over a 30-day period and reported daily. Furthermore “Gallup’s results are not seasonally adjusted and tend to be a precursor of government reports by approximately two weeks.” We wonder if the abnormally hot March weather will used as an excuse for a deterioraiton in the most recent NFP numbers.
A summary of underemployment trends as per Gallup: