Pay no attention to the shocking truth behind the curtain. Hidden in the Bureau of Labor Statistics’ latest jobs report is an unsettling fact that spoils the administration’s positive spin.
The report pleasantly surprised economists by reporting an increase of 272,000 payroll jobs, but the May jobs report contained some troubling information. According to the report, the number of people who are employed fell by 408,000.
A single month’s data is not particularly telling, but six months provides a better picture. Over the past six months, payroll jobs increased by a very strong 1.529 million. Yet, total employment—which represents how many people are engaged in work—fell by 783,000.
Jobs data comes from a survey of employers who report the total number of positions on their payrolls and employment data comes from a survey of households who report if they are…
