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If you go on the BLS site they have pretty detailed descriptions of how they collect and assess the jobs numbers. It's fascinating stuff, in a very nerdy way. Something like overemployment is no doubt an area that doesn't get fully reported. Though it's conceivable some people would answer the questionnaire honestly. In any event, the numbers of overemployed people would be minuscule compared to the entire labor force.
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You make an excellent point! I would hazard to guess that most people would be honest when completing a survey, but there will always be a poopy pants in the group.