"One of these employment measures is wrong"
August 13, 2024
C'mon, BLS folks, figure it out.
The payroll survey is used to estimate hourly earnings, hours, income and jobs by sampling a bunch of firms and government agencies. The household survey estimates the unemployment rate, among other things by sampling a bunch of households. Both come from the US Bureau of Labor Statistics. Both sample in the week leading to the 12th of the month. Together, they tend to create a mosaic of the labour market that analysts and policymakers can read. But for the last couple of years, they’ve each given a very different message about job growth.