I agree that the payroll survey is unreliable. The fact that the revisions were so large is an indication that the preliminary releases are unreliable. I was just noting that general perception of its worthiness here on FR seems to vary with directly with the number of new payroll jobs posted.
If the media and the markets focus on the payroll number, then its fair enough to trumpet it when it is up. Just don't complain that the media is ignoring the household survey when the payroll numbers don't go your way, which is what happened last month.
>>>>Strangely, little is heard about the household survey which was relatively flat.
>>Helloooooooo, the household survey is the one showing unemployment dropping to 5.4%.
Yes, but the 21,000 job growth is being ignored, whereas last month's 600,000 job growth was all the rage.
It's a "hoist on your own petard" reaction. Even those who think the payroll survey is absolute crap are psyched when the MSM and Democrats have to eat it.