Photo: Getty Images/Cate Gillon
Economic consulting firm IHS Global Insight:The household employment estimate is subject to a bigger sampling error than the payroll estimate. Its 873,000 increase is a huge statistical outlier on the upside.
Look at it this way: Back in June 1983, the economy added about 900,000 jobs, according to that same household survey.
During the second quarter of 1983, the quarter that month falls in, the economy grew at an astronomical 9.3% annual rate. The supply-side Reagan Boom was in full swing.
Right now, in the third quarter of 2012, economists think the economy is growing at an an anemic 1.5% or so.
So the economy was growing six times as fast in 1983 when it was adding that many jobs. Hmmmm ….