- Unemployment Rate Unexpectedly Surges As BLS Revises Payrolls For Every Month In 2023 Sharply Lower
by Tyler Durden, https://www.zerohedge.com/
Ahead of today’s payrolls report consensus was already ugly enough, with some of the largest banks expecting a number well below expectations (JPM was at 125K, Citi at 130K, Goldman at 149K vs median consensus of 170K). And while moments ago we got a number which was at least nominally stronger than expected, the report in general was weak enough to suggest that – as we expected – the wheels are finally coming off the US labor market (as this week’s JOLTS report strongly hinted).
With that preamble out of the way, moments ago Biden’s BLS (Bureal Of Lies and Statistics) reported that in August, the US added 187K jobs, and beating the consensus estimate of 170K…