"...Regular readers may recall that it was back in July of 2022, when we first warned that something had "snapped" in the labor market: that's when a striking discrepancy emerged between the number of US Payrolls...and the number of actual Employed Workers (as measured by the BLS' far more accurate Household Survey) .
As we showed then, after the two series had tracked each other tick for tick for years, a wide gap opened in March 2022 which quickly grew to 1.5 million jobs in just 3 months...
... one which has since exploded to a whopping 5 million "employed workers" that apparently do not exist.
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