According to the official headline (seasonally adjusted) number, the unemployment rate was 13.3 percent in May. That was down from April's rate of 14.7 percent. This data point was seized upon by commentators who insist that there will be a "V-shaped" recovery. "The economy is fundamentally in great shape," this narrative goes, "and everything will bounce back as soon as mandated lockdowns are lifted."

Those who support this narrative thus concluded that May's drop in unemployment proved the "V-shaped" recovery was already underway.

But it may yet be much too early to rejoice and declare the economy on the mend.

For one, it turns out that the unemployment rate in May may have actually increased depending on how the "absent" workers are counted. BLS economists called this a "misclassification error" and it was noted in the BLS report itself, near the end: