Jobs unexpectedly soared this month and the unemployment rate took a big dip. But the BLS admitted another error. The BLS Employment Report for May shows employment rose by 2.5 million and the unemployment rate fell to 13.3% Initial Reaction Both numbers are way better than the consensus. The Bloomberg Econoday consensus jobs estimate was -7.725 million and the unemployment rate consensus was -19.8%. My unemployment rate estimate was -18.5%. I did not estimate jobs, fearing another fiasco like this. BLS Admits Another Error In the household survey, individuals are classified as employed, unemployed, or not in the ... (full story)