The US Economy Is Not Just Doing Well, It's Doing Really Well

The January payroll report was absolutely huge, made it seem as if the US economy is not just doing well, it's doing really well. But then you look at some of the rest of the data, including the household survey for employment, which is on slide 21, adjusting for the population control factor and some of the statistical stuff that gets thrown up every year when benchmark annual revisions are done. The picture of the labor market from the household survey looks like the beginning stages of a recession, whereas the establishment survey looks like everything is fine. So we have this huge discrepancy even within BLS data series where one looks like what the markets are pricing and the other looking like what the Federal Reserve wants