This is very concerning: The Current Population Survey response rate is down to ~64%, the lowest on record. This is the data the US Labor Department uses to calculate the unemployment rate and other metrics, such as underemployment and multiple jobholders. Since 2009, this percentage has fallen ~30 points and is now even below 2020 pandemic levels. Fewer people than ever are responding to the survey the Labor Department uses to publish economic data. As a result, labor market estimates are built on increasingly incomplete data and are far less reliable than in the past. What is happening here?(The Kobeissi Letter)