The jobs data has generally been weak, and the payroll data released this morning reflects this assessment. There is always a “random” element to NFP. Lately that has been noticed by everyone. Revisions. Birth/Death model. Household versus Establishment. Low levels of survey response rates. New head of BLS. What would the government “want” the data to be? (lots of jobs to say how well things are going, or fewer jobs to spur the Fed to action). With so many questions circulating around NFP data quality, the market is paying more attention than usual to some other data points: ISM Employment ... Thoughts Regarding NFP