Something very strange is going on in America’s labor market. The employer’s survey in the June jobs report showed 272,000 jobs gained in May, and nearly 2.8 million jobs over the past year. These are both amazing figures given that the economy is at full employment.
While the employer’s survey is surely fine, the household survey, also produced by the Bureau of Labor Statistics (BLS), tells a strikingly different story, almost as though the country had two different labor markets.
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