Something very odd emerges for the second month in a row when looking at the July payrolls report.
Recall last month we showed that a stark divergence had opened between the Household and Establishment surveys that make up the monthly jobs report, and since March the former was sliding while the latter was rising every single month. In addition to that, full-time jobs were plunging while multiple jobholders soared near all time highs.
Guess what: at a time when the Biden admin is now being accused of fabricating energy numbers to push oil prices lower, the jarring divergences and inconsistencies in the jobs report just hit escape velocity.
Consider the following: on one hand, the closely followed establishment survey came in red hot, and not only did it soar despite the US entering a technical recession last week, it printed at a 5 month high of 528K, a six-sigm beat to consensus expectations of 250K...