Fed's-Own Jobs Indicator Tumbles (Again)

For the 7th month of the last 8, The Fed's Labor Market Indicator has dropped.

 

August's 0.7% slump slams the door shut on July's brief bounce which is confirmed by the collapse in ISM Services and Manufacturing employment indices...

A glance at the chart above makes one wonder where all these miracle Obama jobs recovery employment data is coming from?

If The Fed hikes rates into this, then there is far more going on than meets the eye and Janet is in panic "out of ammo" mode.