00:00Non-farm payrolls doesn't count people. It counts payroll jobs. The establishment survey asks
00:07employers how many people are on their payroll. It never asks whether two of those paychecks go
00:12to the same person. So picture one person. He works at a coffee shop and he drives for a delivery
00:18company. On the payroll side, that's two jobs reported by two different employers. On the
00:24household side, he is one employed person. Same human being and both numbers are correct.
00:30One person holding two payroll jobs shows up twice in the payroll count and once in the
00:35household count. That is why the jobs number and the unemployment rate can disagree without
00:40either one being wrong. It is the most common misunderstanding about the jobs report.
