While the prevailing post-payrolls narrative has focused on the surprisingly strong headline payrolls number (at 216K, this not only came above most estimates but was the highest in 4 months, denting the Fed's case for a March rate cut) and the far stronger than expected hourly earnings (which rose to 4.1%, but only because hours worked dropped again to 34.3, a level last seen in the pre-covid days from 34.4) and unchanged unemployment rate, which at 3.7% further makes the case for rate cuts quite challenging, 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 the now monthly 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
— zerohedge (@zerohedge) June 8, 2023
US jobs mysteriously revised sharply lower upon "data" revision
Europe mysteriously enters recession upon "data" revision