The Bureau of Labor Statistics (BLS) released their “jobs report” this morning. We’re not too big on conspiracy theories, but this report is so fantastic that we’re not sure what to believe.
Jobs, says the BLS, grew at a very strong 110,000 last month -- 10,000 higher than economists predicted. And way higher than last month’s 4,000 loss. OK, fair enough. Markets are expected to rally on the news.
But here’s where we can’t help but start scratching our collective head: In this report, the BLS revised August’s negative 4,000 jobs up to a gain of 89,000 jobs. We’re not kidding.
You may recall our coverage of the jobs report last month. The market was expecting 100,000 new jobs… but got a loss of 4,000. The surprise put markets in the hurt locker and essentially sealed the deal on the Fed’s rate cut. This morning, the Labor Department said, “Oops,” and revised those numbers.
Jobs, says the BLS, grew at a very strong 110,000 last month -- 10,000 higher than economists predicted. And way higher than last month’s 4,000 loss. OK, fair enough. Markets are expected to rally on the news.
But here’s where we can’t help but start scratching our collective head: In this report, the BLS revised August’s negative 4,000 jobs up to a gain of 89,000 jobs. We’re not kidding.
You may recall our coverage of the jobs report last month. The market was expecting 100,000 new jobs… but got a loss of 4,000. The surprise put markets in the hurt locker and essentially sealed the deal on the Fed’s rate cut. This morning, the Labor Department said, “Oops,” and revised those numbers.
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