Unemployment Rate Surges To Highest Since 2011 - Gallup Polling
With ADP out of the way, and providing no guidance to an extreme NFP print one way or another, we once again turn to Gallup. As a reminder, a few days ago we showed that things are bad and getting worse for America's job prospects following direct polling land as relates to unemployment on a seasonally unadjusted basis. Today, the polling group has released its seasonally adjusted unemployment number and how it compares to the BLS' own estimation of the labor market. In a word: it is not pretty (which, again, is good for those who are hoping and praying St. Ben will keep the monetary Kool Aid running for a little bit longer): at 8.6% it is over 1% higher than the BLS' reported print, and is the highest since the end of 2011.
Gallup tracks daily the percentage of U.S. adults, ages 18 and older, who are unemployed. "Unemployed" respondents are those who are not employed, even for one hour a week, but are available and looking for work. Unemployment is calculated as a percent of the workforce. Monthly results reflect an average of the calendar month, based on telephone interviews with approximately 30,000 adults. Gallup adjusts its unemployment rate using the seasonal adjustment the BLS used in the same month in the prior year.
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