Bad Jobs Numbers

On the matter of poor jobs numbers, I am afraid I am with James Hamilton:

What about the Bureau of Labor Statistics’ estimate that seasonally adjusted U.S. nonfarm payrolls decreased by 125,000 jobs in June? We discounted last month’s BLS estimate of 431,000 new jobs in May on the grounds that 411,000 of these were temporary Census workers. But if you didn’t count those as a plus in May, you shouldn’t count the elimination of 225,000 of those temporary positions in June as a minus.

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