Ahead of today’s jobs report, in our payrolls preview we warned that “July Has Emerged As A Very Poor Month For Jobs” and boy were we right: moments ago the BLS reported that in July, the US labor force shrank by a whopping 23K, sharply lower from a downward revised 20K in June (from 57K), and the worst print since the negative 156K in February.
As noted above, the -23K print was below all estimates…
… and was a 5-sigma miss to estimates…
… as the 80K median estimate was missed by more than 100K.
And here come the Biden admin tricks of massive prior revisions: the change in total nonfarm payroll employment for May was revised down by 66,000, from +129,000 to +63,000, and the change for June was revised down by 37,000, from +57,000 to +20,000. With these revisions, employment in May and June combined is 103,000 lower than previously reported
Numbers can show anything you them to. Pay no attention to this manipulation of numbers. It means nothing. Also people are getting paid to produce this bullshit. Maybe their job should be eliminated.
Most of jobs lost due to world cup ending and 53K govt jobs lost is like gaining 500K jobs A DEFINITE WIN FOR OUR ECONOMY .