This employment report grades out as an A on the Household side with a large gain in the labor force, an even larger gain in the number of employed and a drop in the unemployment rate. The details look solid, but I reserve the right to raise a quibble or two when I finish the analysis.
The Establishment survey headline was a disappointment to those who went into this report with the ADP estimate clutched to their bosom. The two prior months were revised upward, continuing the string of upward revisions. The composition of the report looks decent. Again, the quibble right is invoked.