And back to the old gimmicks: the Birth Death adjustment has now "added" 530 jobs in 2011, or 42% of the total 1,256K jobs added in 2011, and the October number of 102K is 31K greater than a year earlier. Truly business formation in the current recession is soaring...

Furthermore, the October Birth-Ddeath adjustment is the largest of the last 10 years - after September's was the lowest of the last 10 years - nothing to see here...

Chart: Bloomberg