Brace For Another Huge Negative Payrolls Revision, Greenlighting A 50bps September Rate Cut

It was almost exactly one year ago that the constant stream of BS coming out of the BLS (Bureau of Labor Statistics) finally snapped. 

For years, ZeroHedge had been writing that Biden's Bureau of Labor Statistics had been massaging the jobs data to make the economy appear stronger than it was - if only to give the braindead puppet in the White House talking points with which to fill countless awkward silences - chronically revising every prior month's data lower while overestimating the current month (until next month's downward revision) while using every trick imaginable to cover up the deteriorating reality: fewer full-time jobs, more part-time jobs, a staggering gap between the Establishment and Household surveys, chronic overestimates of birth-death adjustments, generous boosts from seasonal adjustments, record multiple job holders as well as non-native (read illegal immigrant) workers. It all came to a head in March 2024 when we reported that "Philadelphia Fed Admits US Payrolls Overstated By At Least 800,000."