Ahead of today’s jobs report, consensus was that a print between 40K and 100K is largely priced in and greenlighting a 25bps rate cut by the Fed in two weeks, and that we would need a real outlier number for the Fed to either cut 50bps… or not hike. Well, we got a real outlier when moments ago the BLS reported that in August the US added only 22K jobs, a big drop from the upward revised 79K (from 73K previously) but more importantly June was revised from 27K to -13K, ushering in the first negative jobs print since 2020.
With these revisions, employment in June and July combined is 21,000 lower than previously reported, continuing to trend of negative revisions into a labor market slowdown.
Money printer go Brrrrrrrrrrrrrr. Gold 4k next stop.
Yampolskiy, by 2027 almost all human jobs will have been replaced, imagine that graph.