Friday, December 2, 2022

November 2022 Employment Report -- contradictory data -- ignore them

 There is an unprecedented difference between the Payroll Survey of business employment that gets media attention and the smaller Household Survey of real people that gets media attention only for the unemployment percentage.

Looking at the numbers below, you'd think the surveys were not of the same nation!  I suggest you ignore these data:

Jobs created in the first 11 months of 2022:
Payroll Survey +3.8 million jobs
Household Survey = +1.3 million jobs

Jobs created in November 2022:
Payroll Survey +263,000 jobs
Household survey (-138,000) jobs

Payroll Survey -- November 2022 vs. November 2021
-- NOT seasonally adjusted --
November 2022   +574,000 jobs
November 2021   +900,000 jobs






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