Household Survey Shows a YTD Loss of 1.4M Jobs

The analysis below covers the Employment picture released on the first Friday of every month. While most of the attention goes to the Headline Report, it can be helpful to look at the details, revisions, and other reports to get a better gauge of what is really going on.

Current Trends

The jobs report showed a gain of 178k jobs for the month of March. While that beat expectations, it will most likely be revised down in future months. Furthermore, the Household Survey showed a loss of 64k jobs. This is another consistent trend: the Household Survey continuously underperforming the Headline Report.

Figure: 1 Primary Report vs Household Survey – Monthly