The establishment and household surveys were starkly different in May. The establishment survey showed strong job growth, with a reported gain of 272k. In contrast, the household survey reported a loss of 408k jobs. This continues a trend that has emerged over the past several months, with the household survey showing year-over-year job growth as much softer than the establishment. Stronger population growth than reported due to immigration may explain some of the divergence, but the unemployment rate is also drifting higher.

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