The Establishment Survey said that we added 227k jobs and even had upward revisions of 56k to the prior two months. Pretty darn good. Much better than ADP, which came in at only 146k with significant downward revisions to last month, but that’s not the really weird part. The unemployment rate ticked up to 4.2% from 4.1%. That is with the labor force participation rate dropping from 62.6% to 62.5%. So, it is more like a rise of 0.2% and it’s because the Household Survey (which is the basis for the unemployment rate) had job losses of 355k (on top ... NFP Instant Reaction – A Tale of Two Reports