Usually, when we have a lousy NFP number, the Household survey Bulls come out, touting the superiority of that metric.
Their silence this morning was rather deafening.
The reason is fairly apparent from the BLS data: The June-July change in employment shows 34,000 less employed than last month. At the same time, those describing themselves as Unemployed in the Household survey rose 248,000.
I’m not sure which is worse: the hypocrisy or the ignorance.
Well, Household survey apologists: Come out and defend yourselves . . .
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.