I won't get into exactly how it is calculated but want to show the trend over the past four months. There is an old adage in the economic forecasting community that, "one number doe not a trend make", however, this US Non-Farm Payroll report has been in decline for four months in a row, along with lower revisions:
Feb/16 - Was +242k but Revised to +233k
Mar/16 - Was +215k but Revised to +186k
Apr/16 - Was +160k but Revised to +123k
May/16 - Was +38k (we will have to wait until early July for June's report and any revisions to May)
Is that a trend?