Jobs? What Jobs?

Mary Katharine Ham
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Posted: Jul 07, 2006 11:50 AM

June's job-growth numbers get the typical MSM treatment this morning.

Larry Kudlow offers a different take:

At first blush, today’s jobs number looks soft at 121,000. But so far, unreported by the mainstream media, is that household employment rose a gargantuan 387,000. This comes on top of last month’s 288,000 gain. Over the past three months, household employment is up 242,000, compared to 108,000 for the corporate payrolls number.

Many economists downplay this smaller household survey, but they shouldn’t. It is the household survey that picks up small business job creation, particularly owner-operated businesses. This category is responsible for roughly 2/3 of all jobs created in the United States.

Because of the strength in the households, the unemployment rate remains at a historically low 4.6 percent.

Always check in with Larry's blog on economic news. He's a great brain, and an active blogger.

UPDATE: Bizzy Blog has an interesting angle on this-- another jobs survey from payroll giant ADP, whose numbers conflict with the Bureau of Labor Statistics', err, statistics.