Another Strong Jobs Report? Phooey, and I Can Prove It
Mish Talk
DECEMBER 2, 2022
Payroll and employment data from the BLS, chart by Mish. Today, the Bureau of Labor Statistics released its Monthly Payroll Report. Initial Thoughts The discrepancy between jobs and employment continues for the eighth month. Lost in the unemployment and jobs headline noise are huge divergences between jobs and employment dating back to March. Payrolls vs Employment Since March 2022 Nonfarm Payrolls: +2,692,000 Employment Level: +12,000 Full Time Employment: -398,000 Employment fell by 138,000 in
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