by ZeroHedge News Staff at ZeroHedge
Well, we did warn readers that anyone hoping for a negative print in an election year would be disappointed, and moments ago the BLS proved us right.
PS: if anyone expects any econ data in the election 2024 year to be i) accurate or ii) make any sense, you will be severely disappointed https://t.co/UT1Uxbc5Nt
— zerohedge (@zerohedge) January 29, 2024
With Wall Street expecting continued declines in the pace of monthly jobs growth, and consensus looking for a decline from last month’s 219K print to 185K, the BLS decided to once again obliterate late-cycle logic and common sense, and damn your mass tech layoff torpedoes…
Dear @BLS_gov, since you have trouble finding actual data, we've made it easy for you – here are the layoffs announced in the past few months:
1. Twitch: 35% of workforce
2. Hasbro: 20% of workforce
3. Spotify: 17% of workforce
4. Levi's: 15% of workforce
5. Zerox: 15% of…— zerohedge (@zerohedge) January 31, 2024
… double the 185K expected, and higher than than the highest forecast estimate, which as a reminder was 300K. In fact, as shown below, this was a 4-sigma beat to expectations…
… and putting the beat in the context of the past year, it was an absolute blowout:
What is notable is that once again there was a huge dispersion between the Establishment and Household Surveys, and while the former indicated an increase of 353K, the latter reported a drop in Employment of 31K!
Indeed, as the next chart shows, it’s safe to assume that all Establishment Survey numbers are now completely made up.
Not only that, but while the US allegedly added 353K jobs, and employment dropped by 31K, full-time jobs actually declined by 63K and part-time jobs surged by 96K,
Clearly none of that mattered to the BLS,…
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