There is something wrong with the monthly Payroll Employment Report.
Economists were very surprised by the massive jump in jobs reported in May. They quickly changed their viewpoints about the economy as did important policymakers.
The reasons are simple:
- Employment is the most important economic indicator – the foundation for income, spending, and government revenue.
- The payroll employment report is viewed as the best and most important employment indicator.
- Those analyzing and reporting the data have earned a reputation for honesty and professionalism.
This indicator is so important that we must get it right –