REVISIONS

 

The Kobeissi Letter

@KobeissiLetter

BREAKING: 

BOTH May and April jobs report numbers were just revised lower by a combined 111,000 jobs. The May jobs report was revised from 272,000 to 218,000 while the April jobs report was revised from 165,000 to 108,000. 

This means that 10 out of the last 15 monthly jobs reports have been revised lower. On a net basis, the US economy really only added 95,000 jobs this month. Meanwhile, the unemployment rate is now at 4.1% since December 2021. The labor market is slowing down rapidly.

5:46 AM · Jul 5, 2024

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