Jobs Report Riddles: A Hall of Mirrors for Economists and Investors The July jobs report was a jarring reminder that some numbers are too complex to decipher quickly.
On the surface, it seemed like an incongruous mix of bad news – a 23,000 payroll decline – and good news – an unemployment rate that fell to 4. 1%.
However, scratch beneath the surface, and it becomes clear that this report is a masterclass in misdirection. A significant reason for the payroll drop was a seasonal loss of 53,000 government workers.