The headline data for NFP was much stronger than expected at 177k. That doesn’t match well with JOLTS, which has been indicating weaker conditions (it is also an extra month behind), and it doesn’t tie in with ADP, which was a very weak 62k. Downward revisions of 58k take some of the umph out of the report. The Household part of the survey (which drives the unemployment rate) added 305k full-time jobs and 56k part-time jobs (which helped the underemployment rate drop to 7.8% from 7.9%). The unemployment rate of 4.2%, while unchanged, is impressive as the labor force increased ... Jobs, Models, and Policy