El-Erian discusses the very confusing jobs report, the Fed, inequality and economic recovery

Yahoo Finance, Released on 6/5/20

Mohamed El-Erian is the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief Investment Officer of PIMCO, a global investment firm and one of the world’s largest bond funds in the world. Dr. El-Erian also served as a member of the faculty of Harvard Business School. Before joining PIMCO, Dr. El-Erian was a managing director at Salomon Smith Barney/Citigroup in London and before that, he spent 15 years at the International Monetary Fund in Washington, D.C. His book, When Markets Collide: Investment Strategies for the Age of Global Economic Change, was a New York Times and Wall Street Journal bestseller.

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Edwin Lawrence Zieminski

The interview with Mr. El-Erian was interesting and informative, but I was disappointed that he did not mentioned how U3 is calculated and the history of major changes that were made by the BLS to help all Presidents in power by minimizing the unemployment rate. Most people do not know that after 30 days of unemployment, if a survey caller calls you and ask you if you are unemployed and also not currently looking for employment, you are not counted as unemployed. Therefore millions, laid off in March in industries that are not hiring (hotel workers, bartenders, etc.) have many of the unemployed being eliminated in the statistics and if they were counted, I would not be surprised if the number of jobs created would show as a negative.