From Zero Hedge:
... Just look at the year-over-year change in the non-seasonally adjusted numbers. After all, that will eliminate all the intrayear seasonal adjustments, leaving just two clean numbers at the beginning and end of the full year sequence. This works like a charm when looking at June 2010 and June 2011 numbers, on both a seasonal and non-seasonally adjusted basis. The difference in the NSA series is 1,171K jobs, while the SA is 1,036K, almost a perfect match. And after all we have been hearing for so long how the administration has added one million jobs in the past year.
Luckily, now that we have a benchmark that does not need a seasonal adjustment, we can determine precisely what the Birth-Death contribution to the "jobs added" over the past year has been. The result: 606K, or 52% of the NSA jobs added (and 58% of the actual, seasonally adjusted jobs).
The chart below shows...
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