We told you earlier about how the July jobs report was sub-optimal for Biden and the Kamala Harris campaign. And the hits keep coming. Not only was July not great, but May and June were revised down again. Just like almost all the other jobs reports.
You can't make this up:
— The Kobeissi Letter (@KobeissiLetter) August 2, 2024
The June and May jobs reports were just revised lower by an additional 29,000 jobs.
5 out of the last 6 jobs reports have now been revised LOWER, per ZeroHedge.
In fact, 10 out of the last 14 jobs reports have now been revised lower.
Not only is the… pic.twitter.com/aY6S64C5Ze
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Not only is the unemployment now at a 3-year high, but revisions are the new normal.
Hundreds of thousands of jobs have been revised lower just in 2024 so far.
What is happening here?
We all know what's happening here.
It's the same cycle every month:
— The Kobeissi Letter (@KobeissiLetter) August 2, 2024
Jobs report headlines come in strong, then they are revised lower when everyone's focused on the next one.
But now, headline numbers are weak and unemployment is rising.
Follow us @KobeissiLetter for real time analysis as this develops.
And the media ignores it.
The headline looks great, and then they release the real data the following month when no one is looking
— Gavin | Options Trading IQ (@OptiontradinIQ) August 2, 2024
Of course.
US ECONOMY IS MARCHING TOWARDS A RECESSION
— Global Markets Investor (@GlobalMktObserv) August 2, 2024
US job (non-farm payroll) numbers were overstated in Q3 and Q4 2023 by nearly 1,000,000!
The US economy LOST 192K jobs in Q3 2023 and created 344K jobs in Q4 2023 instead of +494K and +637K initially reported👇https://t.co/KQIHG0EF3e
This is fine. Totally fine.
Government Ministry of Truth providing misinformation. This really is 1984 come to life.
— Mirabello (@genevachendov) August 2, 2024
Some people treat Orwell like an instruction manual rather than a cautionary tale.
This jobs report is straight-up gaslighting.
— 💎ALTSTEIN TRADE💎 (@Altsteinn) August 2, 2024
How many times do we gotta get slapped in the face with revised numbers before we realize something's fishy?
So far, nearly a year's worth of revised jobs numbers isn't enough.
Revisions have become normal over the last 1 and a half years. Government is trying to manage headlines and creating an impression of job growth while the reality is a bit different
— Stoic Investor (@Stoic_investr) August 2, 2024
And when they become normal, people ignore it.
Everything about "#Bidenomics!" was and is a lie. https://t.co/pbAMQQpMzw
— Tom (@BoreGuru) August 2, 2024
And gaslighting.
They lie… https://t.co/F04C9VS0C5
— Steve n Stocks (@StevenStocks5) August 2, 2024
And lie, and lie, and lie.
Transparency and decency are on the ballot, I heard. There is a special placed reserved for these people https://t.co/eBry92GMOV
— Dom (@DomJ1190) August 2, 2024
The adults are back in charge.
Or something.
Wait!! you mean the Harris/Biden Admin is lying ???!!! https://t.co/YbWnPe5fxY
— Chris LaCivita (@LaCivitaC) August 2, 2024
They'd never lie to us.
Next month it'll be revised down. It's happened to the last 5 out of 6 jobs numbers.https://t.co/slDJN8CbMM
— Americana (@lonestarangle) August 2, 2024
And given that July wasn't great to begin with, this'll be a disaster.
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