It’s been a busy week, and one thing I missed was a report from the research department of the Philadelphia Fed that questioned non-farm payrolls. The report focuses on the March-June period and compares comprehensive quarterly data with the usual monthly publication. That’s no small change: , A total of 10,500 new jobs were added during the period, compared to the 1,121,500 jobs the state estimated totaled , ; The US CES [Nonfarm Payroll Report] projects a net gain of 1,0 7,000 jobs over this period. In other words, wages outside the farms were almost zero in March-June. NO Now it looks like some of those jobs have carried over to earlier periods, so it’s not as bad as it seems, but if the Fed is concerned about the trajectory, the slowdown could be bigger than the monthly jobs report. shown