Last edited Fri Mar 9, 2018, 04:29 PM - Edit history (1)
The nonfarm payroll jobs that show a 313,000 job gains is produced by the Establishment Survey which is a much larger sample than the Household Survey.
According to the Household Survey, in February:
. . . Employment: +785,000 ## http://data.bls.gov/timeseries/LNS12000000
. . . Labor Force: +806,000 ## http://data.bls.gov/timeseries/LNS11000000
Employed -- monthly changes over the last 14 months:
2017: -157 435 553 97 -269 358 261 -40 853 -478 71 104
2018: 409 785
January and February data affected by changes in population controls
Labor Force - monthly changes over the last 14 months
2017: -18 279 238 -54 -452 485 253 131 484 -711 162 64
2018: 518 806
January and February data affected by changes in population controls
Both the +785,000 gain in employment and +806,000 gain in the labor force are enormously huge numbers and both bounce around like crazy month to month. Anyway, that's why the unemployment rate (another product of the Household Survey) didn't change -- 806,000 more people being counted, of which 785,000 more were employed. (The unemployment rate only counts those in the labor force).
Unemployment rate = Unemployed / Labor Force
Labor Force = Employed + Unemployed
Unemployed must have looked for work in the past 4 weeks to be counted as unemployed in the above. (That number increased by just 22,000 in February)
More on household survey volatility and comparing Establishment Survey to Household Survey:
https://www.democraticunderground.com/10141934356#post21
More links just for the heck of it:
# Unemployed http://data.bls.gov/timeseries/LNS13000000
# Employment-To-Population Ratio aka Employment Rate http://data.bls.gov/timeseries/LNS12300000
# LFPR (Labor Force Participation rate) http://data.bls.gov/timeseries/LNS11300000
# Unemployment rate http://data.bls.gov/timeseries/LNS14000000
# Black unemployment rate https://data.bls.gov/timeseries/LNS14000006
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