The non-farm payrolls were better than expected in June 2021. However, something that the media didn't pick up is that household employment levels fell in June 2021.
It is important to watch the household employment level vs. non-farm payrolls. Household employment level surveys actually include small businesses unlike non-farm payrolls. Household employment is a leading indicator for non-farm payrolls as small businesses adapt much faster than large businesses.
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