Macro Strategy Insights

A Disturbingly Weak Report

As the Non-Farm Payrolls data hit the tape, the report initially looked strong, adding 275,000 jobs! But that is where the “goodness” ends. Downward revisions for the past 2 months were 167k! Making some (like me) wonder why we bother? Remember when last month seemed too strong? It was! Instead of 353k, we only got 229k (and why would we believe that next month it won’t be revised down further?). Then, unemployment ticked higher to 3.9%. Still a low level of unemployment, but that increase occurred while the labor participation rate stayed the same (at the somewhat low level of ... A Disturbingly Weak Report

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