as usual : they will never admit how much jobs actually they created. And they will always tell much more than the reall numbers are. They must justify their jobs and their "earned" paychecks they get for inventing numbers out of thin air
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While we have already extensively deconstructed the quality components of jobs in the US, showing first that in June 240K full time jobs were lost, even as 360K part-time jobs were "gained", and second that so far in 2013 only 130K full time jobs have been added offset by 557K part-time jobs, we had sinking suspicions that there was something off with the quantity component as well: after all, at an average monthly gain of precisely 201.8K jobs in the past six months (or in 2013), this number seemed just a little too perfect considering the Fed's implicit target of generating just over 200K jobs in a half year period before it begins tapering, which in light of declining gross issuance and less monetizable instruments, has been the Fed's goal all along. Today, courtesy of the monthly JOLTS survey we got just the confirmation we needed that, indeed, the official non-farm payroll number as per the Establishment Survey has been substantially off to the tune of a whopping 40% above what is quantitatively happening in reality.
The JOLTS, or Job Openings and Labor Turnover Survey, gets little respect for the main reason that it is one month delayed. Indeed, moments ago it just reported data referencing the month of May. Considering last week we got June's NFP data, this is largely irrelevant. Furthermore, since most people simply look at the survey for the simple "Job Openings" update and compare it to estimates, it provides little actionable data to the HFTs and algos that are all that's left of market traders these days.
However, what also hides inside the JOLTS survey are two other data sets: Hires and Separations. As the name implies, these show how many new hires and how many workers left (either quit or were terminated) businesses. The delta between the Hires and the Separations foots with the actual reported number of job additions, which intuitively makes sense - the net number of added jobs per month is the Hires over the Separations. No rocket surgery there.
So how does the chart look when comparing NFP monthly data with JOLTS Hires less Separations
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