I don't know how the modern "churning" effect affects the employment numbers. It's obvious that employment patterns ain't what they used to be when Dad was young. The statistics were created back when jobs were a lot more stable than they are now. Payroll numbers aren't climbing very fast, but household numbers are at an all-time high. I'm beginning to think something is wrong with the assumptions somewhere along the line.

In a nation of 300 million people, I find it hard to believe only about 100,000 new people have been hired in a month. There are enough adjustments thrown into the process that I have no idea where the numbers really lie. In the linked document, look at the error range for household employment.