http://www.zerohedge.com/markets/here-comes-job-shock-philadelphia-fed-admits-us-jobs-overstated-least-11-million
Lots of nice graphs at the link, so I suggest you use that. But...gosh...why doesn't it COST federal employees a bundle when they are this transparently corrupt...or stupid (take your pick).
Here Comes The Job Shock: Philadelphia Fed Admits US Jobs "Overstated" By At Least 1.1 Million
Tyler Durden's Photo
by Tyler Durden
Thursday, Dec 15, 2022 - 02:44 PM
Regular readers are well aware that back in July, Zero Hedge first (long before it became a running theme among so-called "macro experts") pointed out that a gaping 1+ million job differential had opened up between the closely-watched and market-impacting, if easily gamed and manipulated, Establishment Survey and the far more accurate if volatile, Household Survey - the two core components of the monthly non-farm payrolls report.
We first described this divergence in early July, when looking at the June payrolls data, we found that the gap between the Housing and Establishment Surveys had blown out to 1.5 million starting in March when "something snapped." We described this in "Something Snaps In The US Labor Market: Full, Part-Time Workers Plunge As Multiple Jobholders
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