Everyone Is Freaking Out Over A New Survey That Shows Unemployment Surging Again

There’s a lot of consternation about this.

A new Gallup survey shows unemployment rising to around 8.9% after bottoming at 8.3% a few weeks ago.

chart

Photo: Gallup

Capitol Hill newspaper The Hill is sounding the alarm. We’ve also seen several concerned tweets.

Has the economy really deteriorated just like that?

Nah, don’t worry.

As The Bonddad Blog pointed out last week, this Gallup data isn’t seasonally adjusted (in fact it says that in the chart right up there).

Since it’s not seasonally adjusted, you have to look at it year over year, and guess what.

And guess what, a year ago Gallup was at 10% and BLS was at 9.0%. So with Gallup now being at 9%, you could surmise that BLS will stand at 8.0%, another solid drop.

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