Payrolls for every month in 2023 have been revised lower. pic.twitter.com/VwfUvBJnCe
— zerohedge (@zerohedge) July 7, 2023
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...