The Kobeissi Letter at X
You can’t make this up:
The June and July jobs reports were just revised lower by an additional 86,000 jobs.
This is the SECOND TIME that the June jobs report was revised lower. 6 out of the last 7 jobs reports have now been revised LOWER, per ZeroHedge.
In fact, 11 out of the last 15 jobs reports have now been revised lower.
We are talking about MILLIONS in jobs revisions over the last two years.
What is happening here?
Here’s the breakdown:
The June jobs report was revised lower by 61,000 jobs, from 179,000 to 118,000.
The July jobs report was revised lower by 25,000 jobs, from 114,000 to 89,000.
This means that the July jobs report was the WEAKEST jobs report since the pandemic in December 2020.
Just wait until next month when we see the revisions to today’s numbers.
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