Job Losses... Again, Worse than Reported

Forget about the 190,000 job loss seen in the establishment survey, the household survey lost a whopping 558,000 jobs in October. The difference per The Big Picture:

As we have discussed all too many times, the Household survey measures:

• Agriculture and related employment
• Uncompensated Workers
• Unpaid Family Employees
• Part Time Workers
• Workers absent without pay from their jobs
• Self employed, Work-at-home Contractors

None of which are counted in the Establishment (Non-Farm Payroll) Survey.

Yes, a jump of almost 4% in the number unemployed in one month after employment had already reach 9.8%... frightening.

Source: BLS