, 8 tweets, 2 min read Read on Twitter
All Americans should be pleased that the job market continues to grow:
Last 24 months of Obama: +5,132,000 (Feb. 2015 to Jan. 2017)
First 24 months of Trump: +4,801,000 (Feb. 2017 to Jan. 2019)
#Job growth since 2008 (millions)
2008: -3.56
2009: -5.06
2010: +1.06
2011: +2.09
2012: +2.14
2013: +2.30
2014: +2.99
2015: +2.71
2016: +2.24
2017: +2.06
2018: +2.56
2019: +304 (K)
(U.S. Labor Dept./Bureau of Labor Statistics)
Why did the unemployment rate go up - after 304K jobs were added to the economy? Of course you're dying to know this, and that's where WWR's Paul Brandus comes in. The simple answer: the two data points - jobs created and the unemployment rate - come from two separate surveys /1
For example: the government asks companies how many people they had on the payroll during the month. This is called the PAYROLL survey – and from that comes the number of jobs gained or lost. Last month that was +304,000
But the government also has a sampling of households around the country and asks people if they have a job. This is called the HOUSEHOLD survey. And based on that – you get the actual unemployment rate, which last month rose to 4.0%
When the HOUSEHOLD survey is conducted, folks are asked: Do you have a job? If yes, you're employed, of course. If you do NOT have a job, are you looking? If you're looking, you're counted as unemployed. If you don't have a job - but aren't looking - you're not counted
So the HOUSEHOLD and PAYROLL surveys - which folks often confuse - can sometimes produce conflicting results, as they did in today's report (this will all be on the final exam)
Since people cherry pick the data that suits their prefered, partisan narrative, here is what folks will say about today's jobs and unemployment reports:
Republicans: +304,000 jobs
Democrats: the unemployment rate rose to 4.0% (from 3.9%)
(Both sides are correct)
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