Name: Explaining a surprisingly promising jobs report
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Explaining a surprisingly promising jobs report

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Illustration: Rebecca Zisser/AxiosCan we trust this morning's surprisingly good employment report?The longer answer: No statistics are entirely reliable, and the more of an outlier you're trying to measure, the less reliable your statistics become.The big picture: No one at the Bureau of Labor Statistics is trying to commit fraud. The agency was doing its very best to be accurate in , when employment figures made Obama look good, and it's doing its very best to be accurate in June 2020, when the same report makes Trump look better than many expected.By the numbers: The official unemployment rate includes millions of Americans recorded as employed but absent from work due to "other reasons." Most economists those people should have been included as being unemployed on a temporary layoff, but for consistency's sake they were not.The bottom line: All macroeconomic statistics should be taken with a large grain of salt right now. That said, this morning's report is undeniably good news.Welcome to the crisis era of energy and environmental policymaking.Driving the news: A new White House , citing COVID-19, invokes emergency powers to accelerate and even waive some environmental reviews of infrastructure and energy projects.Venture capital is beginning a belated conversation about its dearth of black investors and support of black founders, but hasn't yet turned its attention to the trivial participation of historically black colleges and universities (HBCUs) as limited partners in funds.Why it matters: This increases educational and economic inequality, as the vast majority of VC profits go to limited partners.The U.S. unemployment rate fell to 13.3% in May, with 2.5 million jobs gained, the government said on Friday.Why it matters: The far better-than-expected numbers show a surprising improvement in the job market, which has been devastated by the coronavirus pandemic.

Illustration: Rebecca Zisser/AxiosCan we trust this morning's surprisingly good employment report?The longer answer: No statistics are entirely reliable, and the more of an outlier you're trying to measure, the less reliable your statistics become.The big picture: No one at the Bureau of Labor Statistics is trying to commit fraud. The agency was doing its very best to be accurate in , when employment figures made Obama look good, and it's doing its very best to be accurate in June 2020, when the same report makes Trump look better than many expected.By the numbers: The official unemployment...

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Chief financial correspondent, Axios. Host, Slate Money. Follow @felixbot for my story feed.

Felix Salmon

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Explaining a surprisingly promising jobs report

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