While the prevailing post-payrolls narrative has focused on the divergence between the stronger than expected (if soon to be revised lower) headline payrolls print (which at 187K came in just above expectations of 170K but followed two sharply downward revised months) and the unexpected spike in the unemployment rate from 3.5% to 3.8%, the highest since Feb 2022, a closer look at the details of today’s jobs report reveals just how ugly the reality behind the the Budget-Busting Bidenomics truly is.
Let’s start with revisions.
Regular readers are aware that earlier this year we spotted a peculiar trend when it comes to economic data releases by the Biden admin which – without fail – had been revised lower…
US jobless claims mysteriously surge upon “data” revision
US jobs mysteriously revised sharply lower upon “data” revision
Europe mysteriously enters recession upon “data” revision
— zerohedge (@zerohedge) June 8, 2023
Take a wild guess in which direction the May 339K NFP print was revised
— zerohedge (@zerohedge) July 7, 2023