Massive Inconsistencies Arise in the Headline Household-Survey Numbers
Due to Severity of Great-Recession Increase in Discouraged and Displaced Workers

Despite Historically-Low Unemployment Rates, the
Number of Discouraged Workers and those Wanting a Job Are on the Rise

May 2018 Participation Rate and Employment-Population Ratio, Which Are
Traditional Measures of Labor-Market Health, Remained Consistent with
Unemployment Much Closer to a Record High of 10% than a Record Low of 3.8%;
Headline Circumstance Could be Supporting a Further 11.1 Million Employed

May U.3 Unemployment Declined to 3.8% (3.75%),
Lowest Rate Since April 2000, at the First Decimal Point, at a
Post-1994 (Modern-Series) Record Low, at the Second Decimal Point;
Otherwise at the Lowest Level Since December 1969

On Top of U.3, May U.6 Unemployment Declined to 7.59%, from 7.79%,
On Top of U.6, ShadowStats-Alternate Unemployment Eased to 21.4%, from 21.5%,
Still Tempered by Long-Term Discouraged and Displaced Workers

May Payroll Jobs Gained 223,000 (up by 238,000 Net of Revisions), but with
Annual Growth of 1.61% Still in Recession-Signal Territory

Real Construction Spending Held Shy of Its Pre-Recession Peak by 19.5% (-19.5%),
Despite Increased Headline Activity in April 2018, and in the Context of
Unstable Reporting and Pending Benchmark Revisions