Here's a great chart from BMO showing the consistent jobs growth in the establishment survey compared to the household survey showing net job losses since June.

Household vs establishment

On both charts, BMO highlights the slowing trend.

On a 6-month moving average basis, this dragged the household survey's payrolls growth to just 32k, and even the establishment survey's 6-month moving average has slipped to effectively its lowest level since the pandemic. It's no secret that labor is the benchmark lagging indicator, and as such, the trend in hiring holds marginally more weight than the outright level for monetary policymakers.

The latest jobs report is due Friday, December 8.