Heading into today’s jobs report, sentiment had seen a surprising boost in recent days, with the whisper number rising from just about 110K back to 125K, or where it started the month of July.
Well, the optimism proved to be very, very wrong, because moments ago the BLS reported job numbers that were very ugly with July printing just 73K, far below the 104K estimate.
But that’s not the real punchline: what is, is that Trump not only took a page out of the Biden playbook, but ripped pretty much all of it out with May and June revised massively lower, to wit:
- May was revised down by 125,000, from +144,000 to +19,000,
- June was revised down by 133,000, from +147,000 to +14,000.
With these revisions, employment in May and June
combined is 258,000 lower than previously reported.
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