Hold on: Jobs report wasn't so great after all

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Nonfarm jobs number outshines the others

Consider it a brutal lesson in government math.

Friday's turbocharged jobs headline came thanks to seasonal adjustments and other wizardry at the Bureau of Labor Statistics, which reported that U.S. job growth hit 321,000 even as the unemployment rate held steady at 5.8 percent.

Those numbers, courtesy of establishment survey estimates, sound nice on the surface, and they certainly present reasons if not for unbridled optimism then at least confidence that the job market continues to mend and is on a pretty steady trajectory higher.

However, the household survey, which is an actual head count, presents details that show there's still plenty of work to do.

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