Who's Telling The Truth On American Jobs - The Fed Or The Government?

For the fourth month in a row, Labor Market Conditions - according to The Fed - have contracted, the longest streak since the financial crisis. At the same time, despite having fallen from recent highs, the government's Labor Department proclaims non-farm payrolls continue to improve... because the narrative of consecutive monthly job gains must stand.  



The Government, of course, wants the appearance of economic recovery, job gains, and confidence inspiration - especially into the election.

The Fed, however, may not be so keen to promote the idea of a strong economy... because good news is bad news for over-inflated asset prices.

The question is - who is telling the truth?