The number of employed workers in the US fell by 507,000 to 162.264 million, according to Zero Hedge’s analysis of household survey data. That figure represents the lowest employment level since December 2024, and it lands at a moment when the establishment survey, the other major jobs tracker, keeps telling a rosier story.
Two surveys, two realities
The Bureau of Labor Statistics runs two separate surveys each month. The establishment survey counts jobs by asking businesses how many people are on their payrolls. The household survey asks actual humans whether they’re working.
The establishment survey, which tracks nonfarm payrolls, has been showing gains or at least stability. March 2026 saw payrolls increase by 178,000, a decent rebound from February’s contraction of 92,000.
The household survey tells a different story entirely. It showed a decline of 226,000 employed workers month-over-month in the latest reading. The average monthly decline in employed workers has reached 343,000 since December 2025, according to Zero Hedge’s analysis of the data.
