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 . . .