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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 26 September 2025 F E A T U R E S T O R Y Worlds Apart: A TALE OF TWO NUMBERS According to the Ludwig Institute for Shared Economic Prosperity, traditional jobless reports may mask a harsher truth: could many more Americans than expected be stuck in survival mode? B y A N D Y B E T H M I L L E R T he United States is often told it is living through an era of low unemployment. Headlines repeat the familiar statistic. The Bureau of Labor Statistics (BLS), the government arm tasked with tracking trends in the employment sector, surveys U.S. households, businesses, and gov- ernment agencies to produce a monthly report known as the "jobs report," a leading indicator of the number of jobs the economy has gained or lost in a given month. Data collected and presented by the BLS is often difficult and complex to measure, yet of extreme importance to policymakers, the private sector, and for consumers to grasp what exactly is taking place in the employment sector. The Commissioner of the BLS is tasked with ensuring that the Depart- ment's statistical function adheres to the standards set forth in the Confidential Information Protection And Statistical Efficiency Act (Title 3 of the Evidence Act), including that the BLS will protect the confidentiality of respondents and the information they provide, and will coordinate with the Census Bureau and the Bureau of Economic Analysis to improve the sharing of economic data. This past April, the BLS reported an unemployment rate of 4.2%—a figure heralded as a sign of stability and strength. This unemployment figure reassured politicians who wanted to tell a story of resilience, and it reassured in- vestors who looked for reasons to believe the economy would continue to grow. Four percent unemployment is close to the lowest level in half a century. At the same time, the Ludwig Institute for Shared Economic Prosperity (LISEP) released a report that told quite a different story. LISEP's own measure, titled True Rate of Unemployment, suggested that 24.3% of Americans were functionally unemployed in April. By this definition, nearly one in four working-age Ameri- cans was either unable to secure full-time work or earning so little that they were unable to make ends meet. A near 20% disparity between the BLS data and LISEP's analysis tells an entirely different picture of the U.S. labor market. Since this news broke, President Donald Trump has terminated BLS Commissioner Erika McEntarfer, after the BLS released its July jobs report showing that employment had slowed in July, and was much less in May and June than previously estimated. President Trump accused McEntarfer, without evidence, of manipulating the job num- bers, and noted she was an appointee of former U.S. President Joe Biden. "The President seeks to blame some- one for unwelcome economic news. The Commissioner does not determine what the numbers are but simply reports on what the data show," said the Friends of the Bureau of Labor Statistics, a coalition of trade groups completely independent of the BLS and BLS leadership. "The process of obtaining the numbers is de- centralized by design to avoid opportu- nities for interference. The BLS uses the same proven, transparent, reliable pro- A N D Y B E T H M I L L E R is a seasoned journalist, editor, and freelance writer with more than 20 years of experience in magazine, newspaper, and editorial writing. She has contributed to a variety of journalistic publications, and has written for Dining Out Hawaii and other regional outlets. Throughout her career, she has honed her skills in storytelling, consistently delivering compelling and insightful content across di- verse topics. Her work has taken her around the globe, allowing her to cover an array of subjects spanning from procurement and pharmaceuticals to travel and lifestyle. She brings a wealth of experience and a passion for storytelling to every project she under- takes, and considers it a great joy to be able to see the world and write en route.