TYB
How can they get away with being so Wrong? If this was a Corporation reporting to Wall Street…
Kiss The March Rate Cut Goodbye! December Jobs Soar By 216k (But Full-time Jobs Plunged By 1.5 Million In December While Part-time Jobs Soared 762k)
https://confoundedinterest.net/2024/01/05/kiss-the-march-rate-cut-goodbye-december-jobs-soar-by-216k-but-full-time-jobs-plunged-by-1-5-million-in-december-while-part-time-jobs-soared-762k/
But to quote Cousin Eddie from Christmas Vacation, “Now hold on to your wad.” While the headline screamed remarkable, please note that the civilian labor force actually declined. As did the Employment-population ratio (to 60.1).
But next month today’s print will likely be revised sharply lower (perhaps even below 175K, meaning today was a miss). Why do we say that? Because once again the BLS revised not just one but both previous months sharply lower:
October revised down 45K from 150K to 105K
November revised down 26K from 199K to 173K
This means that ten of the past 11 jobs reports have been revised substantially lower.