The Real Shocker In Friday's Jobs Report: 1.2 Million Native-Born Workers Lost Their Jobs, And Were Replaced With 668K Foreign-Born Workers

Shortly after the August "goldlilocks" jobs report hit at 8:30am ET on Friday, which first sent yields tumbling as markets focused on the surge in the unemployment rate before a sharp reversal sent long-end rates in the opposite direction as attention instead turned to the jump in workers re-entering the labor force (as well as the stronger than expected ISM print), we explained why, lost in the din over the attention-grabbing headlines, the details inside the report showed just how ugly the August nonfarm payroll report truly was.

For one, we have now seen downward monthly payrolls revisions for every single month in 2023, a statistically improbable outcome without some political interference.