Financial Daily Dose 6.8.2020 | Top Story: Bureau of Labor Statistics Admits Massive Undercount of May Jobless Figures

Demolition of an old house
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So about those May jobs numbers . . . . The return of 2.5 million jobs in May was a welcome and largely unexpected surprise. But the Bureau of Labor Statistics admitted later on Friday that the unemployment rate—reported as falling from 14.7% in April to 13.3% in May—“would have been three percentage points higher if households surveyed by the government had correctly described their job status.” Good to know – MarketWatch and ThePost

Also, here’s what that surprising jump in jobs could mean for future stimulus packages aimed at shoring up a still-struggling economy. [Hint, it’s not good] – NYTimes

The Upshot was out this weekend with a plea to “not lose the thread”—a call to look past the stock market’s optimism and focus on the “clear signs that the collapse of economic activity has set in motion problems that will play out over many months, or maybe many years” that, if not contained, “could cause human damage on a mass scale and create lasting scars for families” – NYTimes

Devastating look by the Times at how the same companies that took pains to blackout their social media posts last week and pledged millions to anti-discrimination efforts in recent weeks “have contributed to systemic inequality, targeted the black community with unhealthy products and services, and failed to hire, promote and fairly compensate black men and women” – NYTimes

The Journal explores the growing war between Huawei co-founder Ren Zhengfei and American officials, with Mr. Ren calling on “skills acquired from a lifetime of battle” to counterattack the U.S.’s “fusillade against Huawei—from criminal indictments to a supplier blacklisting and restrictions on sales in the U.S.” – WSJ

AstraZeneca has “made a preliminary approach to rival drugmaker Gilead Sciences Inc. about a potential merger” in what would be the “biggest health-care deal on record” – Bloomberg

Booming tech stocks have helped drive the market rally over the past weeks, “even as economic uncertainty related to the coronavirus lingers” – WSJ

Nasa’s inspector general has opened a probe into an allegation that a high-ranking agency official “earlier this year improperly guided Boeing Co. regarding an agency competition for lucrative lunar-lander contracts” – WSJ

The major US stock exchanges won a 14-year legal battle with the SEC on Friday, with the US Court of Appeals for the D.C. Circuit finding that “some fee increases can’t be challenged by the government after they have taken effect” – WSJ and Law360

Interesting Bloomberg podcast on Richard Robb, the “former interest trader who was one of the first to warn about potential manipulation of the Libor rate to which trillions of dollars worth of financial assets are tied” – Bloomberg

With the SEC’s “Regulation Best Interest” June 30th compliance deadline fast approaching, Law360 suggests that “broker-dealers and those who advise them are gearing up for a slew of new requirements that attorneys acknowledge will be a ‘very big lift’” – Law360

All the tips and tricks you need to put your best face forward in the still-endless string of Zoom meetings – NYTimes

Stay safe,
MDR

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