Wall Street banks brace for downward revision of up to 1M fewer jobs — fueling worries the Fed faile

I'm sitting back to see if this ages as well as the Dow Futures thread...

 

Welcome to Too Hot, where one million fewer jobs overnight is a good thing.

 

Unemployment is ticking up. But we're still in a situation where we have 1 million more open positions than on unemployment. And if this continues and we actually go into a recession? Then the immigrants will do what they did during the last recession. Which is return home in larger numbers than come into the country.

We're not there yet. Not even close. And rate cuts which are highly likely coming in Sept may help stem some of the negative economic news.

 

Everything on my watchlist (to include major indices) is green right now. Not sure if the revision was already priced in or not, but I just did my last sell of the year to maximize my capital gains for my tax plan. I'll sit on this cash for a bit and then put it back into play during the next dip.

 

Thanks Joe Biden and Kamala Harris, you did that.

Jobs reports made as instructed until need of a yearlong revision to try to persuade the Fed to do a September rate cut. So, the unemployment goes from 4.3 to 4.4, I still don't think this will push the Fed into a rate cut.

The PCE coming next week, particularly the core PCE, could do it if it drops enough. Who knows, we might get a yearlong worth of revisions on this too.

I thought I had seen it all, monthly and quarterly revisions, but a yearlong revision is both pathetic and political.

 

It is right.

Full Employment: Definition, Types, and Examples.

 

As stated, obscure enough that poster doesn't realize that this program has existed since the 1930s and has gone by this name since 2003.

 

Guess who was president 15 years ago? It's a non-democratic party thing to falsify records.

I don't think the BLS made mistakes month after month after month. This is a made as instructed jobs revision for election purposes to get the Fed to cut the federal funds rate in September.

 

On the lighter side of jobs .... here's a list of Gen Z useful skills. I don't know how the 4 paragraph rules apply to this article so I will only list the first 4. Rest are at the link.

"1. Able to pronounce the word "gyatt": Gee-yatt? Guy-at? Only the best candidates will know.
2. Has absolutely no cap: You should always be wary of hiring any applicant with cap.
3. Work hours and gender are flexible: It's best when schedules and identities remain fluid.
4. Ability to interact with a wide variety of video game characters: From main characters to NPCs, you'll be covered."


9 Most Useful Skills Found On Gen Z Job Applications | Babylon Bee

 

Revisions to job numbers are happened continuously. Each month. Each year. Sometimes, one side jumps of them as proof "I knew the figures were fake!" ... "see, I told you the president was lying!" ... "see, I told you we're in a recession!"
And then we move on.

 

Do you know the last time the BLS made a one-year revision in the jobs report?

 

When do you think the last Quarterly Census of Employment and Wages was released?

 

I wonder how long it will be before American Citizens start "IDENTIFYING AS" illegals or people of color in order to get their jobs back.

 

"The bureau’s preliminary revisions are a regular, annual occurrence. Sizable downward adjustments are common — the Labor Department shaved 514,000 jobs off the totals reported in monthly estimates at the height of Trump’s term." MSN 8/21/24 But we get it. Some live for the daily conspiracy theory. LOL

 

no cap

 

Yeah, govt would never lie about shit leading up to an election.

 

They do it every year.

 

818k most in 15 years…not noteworthy or just your bias showing?

 

Sure, but there's just one problem.. ideally the "revisions" from month to month offset each other generally speaking. You have some months they are overestimated, some months underestimated. A one million job deficit over a period of 12 months is not how the revision process is supposed to look. But you know this, don't you?