Making sense of the jobs report

We had another head scratcher of a jobs report yesterday.

Only 113,000 new jobs but the unemployment rate fell from 6.7 to 6.6%.

Labor Force Participation must have fallen, you say.

Nope, it rose slightly from 62.8 to 63.0%.

BLS is on acid, you say.

Maybe, but the simple but weird fact that explains this is that new jobs and unemployment rates are calculated from two completely different government surveys!

Here's one of my favorite KPC posts from a couple years ago that explains this strange state of affairs.