ZeroHedge, Sep 01, 2023 – Excerpts:
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…
Ok July payrolls revised down from 187K to 157K, meaning EVERY SINGLE MONTH in 2023 has been reviser lower by the Biden Department of goalseeking high numbers and then revising them lower when nobody cares anymore
… and this month was no different. In fact, as shown in the chart below, the jobs print from every single month has been revised lower! Why? So that the White House can take credit for a strong number (one which also sparks algorithmic buying in the market) only to quietly revise it lower one and two months later when nobody is looking to ease the glideslope for the coming recession.
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