Jobs: QCEW shows over 2M jobs lost in Q1 - SchiffGold.com
Jobs: QCEW shows over 2M jobs lost in Q1 - SchiffGold.com
Source: SchiffGold.com
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DW NOTE
The QCEW is the Bureau of Labor Statistics' count derived from unemployment insurance tax records — comprehensive, lagged, and rarely this dramatic. If Q1 2026 showed 2 million jobs lost, the monthly establishment survey has been overstating payrolls by roughly 650,000 per month for three consecutive months. That's not margin of error. That's two different labour markets.