And the payroll propaganda was going so well until… New Jersey happened. As the chart below shows, in the month of July the state, arguably the Tristate area’s most employer friendly, saw a sequential drop of 12,000 jobs, which was the largest one month drop since June 2009. Outlier? Or the harbinger of things to come at the national level? We will likely not now for sure until after the presidential election at which point the endless data fudging and manipulation finally ends.