Mike Shedlock

The wide discrepancy between jobs and employment continues for a third month.

Jobs vs. Employment Discussion

Before diving into the details, it is important to understand limits on data, and how the BLS measures jobs in the establishment survey vs. employment in the household survey.

Establishment Survey: If you work one hour that counts as a job. There is no difference between one hour and 50 hours.
Establishment Survey: If you work multiple jobs you are counted twice. Neither the BLS nor ADP weed out duplicate social security numbers.

Household Survey: If you work one hour or 80 you are employed.
Household Survey: If you work a total of 35 hours you are considered a full time employee. If you work 25 hours at one job and 10 hours at another, you are a fulltime employee.

Following are numbers from today's BLS jobs releases.

December 2013 vs. December Prior Years

Category

DEC 2008

DEC 2009

DEC 2010

DEC 2011

DEC 2012

DEC 2013

Employed Household

143,369

138,013

139,266

140,836

143,212

144,586

Jobs Establishment

134,425

129,373

130,395

132,498

134,691

136,877



Monthly Averages December 2013 vs. December Prior Years

Category

DEC 2009

DEC 2010

DEC 2011

DEC 2012

DEC 2013

Yoy Change Household


Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.
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