Jobs: QCEW shows over 2M jobs lost in Q1

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 surprise gain of 162k jobs in August. Furthermore, the Household Survey, which has generally been underperforming the Headline Report, showed a massive gain of 569k.

Figure: 1 Primary Report vs Household Survey – Monthly