Payrolls are up by 5.77 million since May of 2022, but full time employment up only 457 thousand. No amount of BLS smoothing can hide this. From September 2020 through early 2022, nonfarm payroll job gains and full time employment changes tracked together.Starting around March of 2022, a divergence between employment and jobs became very noticeable. Payrolls vs Employment Gains Since March 2023 Nonfarm Payrolls: 2,494,000 Employment Level: +328,000Full Time Employment: -1,154,000Payrolls vs Employment Gains Since May 2022 Nonfarm Payrolls: 5,772,000 Employment Level: +2,838,000 Full Time Employment:+457,000
