Something Snaps In The Job Market: Multiple Jobholders Hit All Time High As Unexplained 1.8 Million Jobs Gap Emerges

"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."

“Everyone's talking about the strong payroll numbers, but that doesn't really tell the whole story.
To understand why these numbers are not as strong as they appear on the surface, we need to take a look at the methodology of the data.

Let's look at how the sausage is made.👇”