The November jobs report topped market expectations for the seventh consecutive month, showing robust growth at 263,000 new jobs last month. But economists are beginning to notice a divergence within the Bureau of Labor Statistics’ (BLS) monthly snapshot of non-farm payrolls.
The difference rests in the Establishment and Household surveys.
Jobs Report: Establishment vs. Household
Last month, the Establishment survey of businesses reported the rosy headline figure. However, the Household survey, which samples households rather than businesses, recorded a decline of 138,000 positions. Since March, the Establishment component has spotlighted solid and better-than-expected employment gains, while the Household portion has been flat.
In total, the divergence has ballooned to an astounding 2.7 million workers….