I’m Calling BS On Second Straight Amazing Jobs Report, Understanding Why – Misch Talk

Non-farm payroll versus employment level.  Chart by Misch.  One set of numbers is wrong.

Non-farm payroll versus employment level. Chart by Misch. One set of numbers is wrong.

BLS Jobs Statistics at a Glance

The U.S. Bureau of Labor Statistics reported today that total non-farm payroll employment increased by 528,000 in June, and the unemployment rate fell 0.1 percentage points to 3.5 percent.

Job growth was broad, led by gains in leisure and hospitality, professional and vocational services, and health care. Both total non-farm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels.

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