There was a loud gasp from Wall Street strategists and economists after today’s job report printed, with the reactions more or less in line with sheer shock: anywhere from “wow, wow, wow“…
… to “holy moly”
And with the unemployment rate plunging to 3.4% – matching the lowest in 54 years – from 3.6%, while the payrolls report showing the addition of 517K jobs the highest since July, and far above the highest forecast – in fact, a record 9-sigma beat to median consensus, the shock was merited as today’s report was indeed a blowout.
But why: what happened that everyone was so wrong?
A couple of things. First, as we warned yesterday, today the BLS unveiled a slew of data revisions, which include updating the population controls – which would have the mechanical effect of boosting the labor force – and updating seasonal factors, which further distorted the January nonfarm payroll number (this is key as readers will read shortly). This is indeed what happened:
OK, so they manipulated the numbers prior to Biden going prime time tonight. No shocker there (“No there, there?”)
The ONLY reason Jobs are up is Because now you need 3 or more jobs to make ends meet !!! All on Biden