Courtesy of Mish.
Initial Reaction
The establishment survey reported a gain of 157,000 job this month.
However, for the third consecutive month, the household survey is much weaker than the headline number.
The household survey shows a gain of a mere 17,000 jobs. Last month the household survey gained only 28,000 jobs. The unemployment rate rose to 7.9%.
As measured by the household survey (the basis for the reported unemployment number) the number of unemployed rose by 126,000.
Note: The BLS did not produce its usual collection of graphs today that I normally include in this report. I was scrambling to find them but the report has changed, perhaps just for this month.
Massive population adjustments may explain the lack of charts this month.
Census Adjustments
Last month I stated “In the last year, the civilian noninstitutional population rose by 3,766,000“
This month I report “In the last year, the civilian noninstitutional population rose by 2,394,000. That is a huge downward census adjustment.
December BLS Jobs Report at a Glance
- Payrolls +157,000 – Establishment Survey
- US Employment +17,000 – Household Survey
- US Unemployment +126,000 – Household Survey
- Involuntary Part-Time Work +55,000 – Household Survey
- Baseline Unemployment Rate +.01 at 7.9% – Household Survey
- U-6 unemployment +.00 to 14.4% – Household Survey
- The Civilian Labor Force +143,000 – Household Survey
- Not in Labor Force +169,000 – Household Survey
- Participation Rate +.00 to 63.6 – Household Survey
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