There have been previous discussions regarding seeming inconsistencies between the payroll survey that’s used to determine the job creation number and the household survey which measures the unemployment rate. There are many reasons for the differences but he primary reason is that they are NOT INTENDED TO MEASURE THE SAME THING. The confidence factor for the household survey is lower for the household survey exactly because of those differences. For an academic discussion go here
https://www.bls.gov/web/empsit/ces_...m the payroll,in the payroll survey estimates.
Bottom line, any suggestion that the household survey can substitute for the payroll survey when measuring job creation is simply wrong. Period.
Todays job report shows 263,000 jobs created. The household survey says 138,000 fewer employed. The latter is meaningless especially over a single month. Want proof. The number of employed based on the household survey, year over year is 3.15 million HIGHER. So while this number is more consistent with actual job creation it was clearly not changing in line with job creation.
https://www.bls.gov/web/empsit/ces_...m the payroll,in the payroll survey estimates.
Bottom line, any suggestion that the household survey can substitute for the payroll survey when measuring job creation is simply wrong. Period.
Todays job report shows 263,000 jobs created. The household survey says 138,000 fewer employed. The latter is meaningless especially over a single month. Want proof. The number of employed based on the household survey, year over year is 3.15 million HIGHER. So while this number is more consistent with actual job creation it was clearly not changing in line with job creation.