The BLS did its best to paint lipstick on this pig of a payroll report because the Birth-Death model managed to add 96,000 jobs to the headline. Strip that out, and what the actual survey showed was a 74,000 decline. In fact, payrolls have declined on an ex-BD basis now in each of the past four months, something that last happened in the summer of 2010 when the economy was crawling out of the Great Recession. The Fed has to start taking its head out of the sand.