Inside The Catastrophic Jobs Report: Record 1.5 Million Crash In Full-Time Jobs, Multiple Jobholders Soar To Record, Native Born Workers Plunge And Much More

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by Tyler Durden
Friday, Jan 05, 2024 - 04:05 PM

While the prevailing post-payrolls narrative has focused on the surprisingly strong headline payrolls number (at 216K, this not only came above most estimates but was the highest in 4 months, denting the Fed's case for a March rate cut) and the far stronger than expected hourly earnings (which rose to 4.1%, but only because hours worked dropped again to 34.3, a level last seen in the pre-covid days from 34.4) and unchanged unemployment rate which at 3.7% further makes the case for rate cuts quite challenging, 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 the now monthly 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...