Another strong jobs report? Phooey, and I can prove it – Mish Talk

Today, the Bureau of Labor Statistics released its monthly payroll report.

Initial Thoughts

  • The gap between jobs and employment continues for the eighth month.
  • Lost in the noise of unemployment and employment headlines are huge divergences between jobs and jobs dating back to March.

Payroll vs employment since March 2022

  • Non-agricultural payroll: +2,692,000
  • Job level: +12,000
  • Full-time employment: -398,000

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