... from
http://www.bls.gov/news.release/pdf/empsit.pdfThese numbers are spun EVERY month. Whenever the two separate sources of monthly labor market data (household surveys and establishment data) diverge in their findings, we're completely inside a spin zone.
Notice how the household survey shows a DECLINE of 3,000 jobs from February to March! How many media spinners mentioned THAT? Before Friday, Larry Kudlow of CNBC kept repeating a mantra that only the household numbers are credible. Now you don't hear a peep from him.
Table A. Major indicators of labor market activity, seasonally adjusted (Numbers in thousands)
......................................Feb....... Mar....... change
HOUSEHOLD DATA Labor force status
Civilian labor force..........146,471....146,650......179
Employment.....................138,301....138,298...... -3
Unemployment....................8,170......8,352......182
ESTABLISHMENT DATA
Nonfarm employment.......... p130,240.. p130,548......p308
Average hourly earnings..........p$15.52....p$15.54....p$0.02
Average weekly earnings.........p524.58....p523.70....p -.88
p=preliminary
HOUSEHOLD DATA
Table A-5. Employed persons by class of worker and part-time status (In thousands) Seasonally adjusted
...................................................Feb. 2004..Mar. 2004
PERSONS AT WORK PART TIME
All industries
Part time for economic reasons .......... 4,437 .... 4,733
Slack work or business conditions ..... 2,865 .... 3,011
Could only find part-time work ......... 1,347 .... 1,427