There’s one caveat to keep in mind about Friday’s surprisingly large U.S. payrolls and wage gains: the response rate from businesses was the poorest since January 2002.
The collection rate for the establishment survey, which informs both the payrolls and wage figures, dropped to 49.4% in November, the worst preliminary result in over two decades and the lowest November reading since 1988.
The slide between the October and November preliminary collection rates was the largest monthly change in data back to 1981.
