One can also have invested 10 seconds constructing this chart (reprised from this post) to have recognized the stupidity of making the initial assertion as soon as (not to mention twice).
Figure 1: Difference in net job production from nonfarm payroll series minus civilian employment series, given that 2022M03 (dark blue), boost in numerous task holders since 2022M03, presuming employees increase from one to two tasks (green), and from one to three tasks (sky blue), all in 000s, seasonally adjusted. Several job holder series are BLS series LNU02026625, LNU02026631. Source: BLS via FRED, and authors calculations.
In order for several task holders to represent the complete disparity, each employee who had one task at 2022M03 wouldve had to take on an additional 13 tasks by 2022M11. That appears not likely. Just sayin.
Not-seasonally-adjusted NFP boost 581 thousands more than (not-seasonally-adjusted) total covered Quarterly Census of Employment and Wages (QCEW), going from March to June 2022, as displayed in Figure 2 of this post
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This entry was published on December 19, 2022 by Menzie Chinn.
Numerous task holder series are BLS series LNU02026625, LNU02026631. Source: BLS by means of FRED, and authors computations.
In order for several job holders to account for the complete discrepancy, each employee who had one job at 2022M03 wouldve had to take on an extra 13 tasks by 2022M11.
