Consumers do not feel as good as the Jobs Report illustrates.

The latest BLS Jobs Report showed a strong labor market with allot of job creations. Unemployment rate dropped from 4.2% to 4.1%.

The Consumer Survey out of the University of Michigan tells a different story. The poll when asked about rising unemployment went from 32% to 40% to 50% in January.

The gap between those who thing unemployment is rising vs falling in the year ahead has expanded to 34%. Very similar to 2007 and January 2001.

Why, if the unemployment rate is so low do consumers disagree. Well the consumer may be right. Job numbers are revised constantly. The actual jobs created vs reported could be overstated by as much as 50%.

February QCEW report will help solve this riddle.