We have crunched a lot of data from Friday’s nonfarm payrolls report (NFP) and have made some fascinating observations to share with our readers.
This is the first post in a series in which we go deep into the data to bring you our insights on the condition of the U.S. labor market. The later posts will get more granular into the employment subsectors (see last table below)
#1 – Total Private Nonfarm Payrolls
We prefer the private sector data, which excludes 22 million government jobs, of which 64 percent are local government payrolls; state governments make up 23 percent. The federal government (x/ military) is 13 percent of total government payrolls.
Government workers are, in general, shielded from market forces, and the Bureau of Labor Statistics (BLS) does not