In our payrolls preview last night we asked “just how bad will it get”, and we got the answer moments ago when the BLS reported that in July, the US added just 114K payrolls, a huge miss to expectations of 175K and also a huge drop from the downward revised June print of 206K, now (as always ) revised to just 179K. This was the lowest print since December 2020 (at least prior to even more revisions)…
… and a 3 sigma miss to the median estimate of 175K.
