I think the only way to start this brief summary is to highlight the first notation on the BLS website with the report:
The best way to phrase this is that the BLS will not attempt to get revisions because the pure hot steaming pile we’re presenting will be the facts and if you object, the powers that be will remind my fair readers that the trains are still running on time.
Deal with it.
So what was in this pure art of statistical nonsense today?
119,000 jobs. Mmmmm, ok.
This brings up the next question, why is this so unbelievable? Perhaps it’s the July and August revisions which subtracted 33,000 jobs over those two months.
Thus all of my fellow space travelers, and I might suggest medically safe mushrooms for all data from this point forward, we lost jobs in August but miraculously during a government shutdown and during a month with massive layoffs suddenly gained 119,000 jobs, with almost half coming in senior home and nursing care.
To say that the economy is slowing with this job report is an understatement. To believe it is another as the U-6 rate had the biggest work of fiction since the Clinton grand jury testimony about that girl someone didn’t do something with.
A 0.5% decline in the U-6 rate but only with a 0.2% in U-3. Gotcha. Even the seasonal adjustments mocked the “raw” data.
Regardless, I warn everyone to break out their covidian pandemic supplies and grab a N-95 or better yet P-100 mask to shield oneself. Because the stank from this data is nothing compared to what else will be issued in the weeks ahead in an attempt to save this bull market from collapsing.