www.zerohedge.com BY TYLER DURDEN
Ahead of today’s jobs report, which we previewed earlier and where median consensus expects a drop in payrolls to 185K (which would be the lowest since 2021) with unemployment rising to 3.6%, many joked that at this point the job report is so rigged and “adjusted” that Biden’s Dept of Labor may as well just keep going with fabricated numbers until the 2024 election. After all, one look at the chart below which shows the number of consecutive beats heading into today’s print, confirms what a farce the “data” has become: everything in the name of a beat and a favorable press conference soundbite.
Well, the cynics were right once again because moments ago the BLS reported a record 13th consecutive month of payrolls beating expectations…
… as April payrolls reportedly rose by 253K, a big jump from the March number…
… and what is a 3-sigma beat of expectations of 185K.
And speaking of previous prints, the March number was unexpectedly revised sharply lower, from a consensus-beating 236K (exp. was 230K) to a huge miss at 165K, a number which surely would have impacted the Fed’s thinking and potentially put a premature end to the rate hikes. But wait there’s more, because February was also revised lower by 78K, from +326,000 to +248,000, which would also have missed the whisper estimate. With these revisions, employment in February and March combined is 149,000 lower than previously reported. And then there was a downward revision in January too…
READ FULL ARTICLE HERE… (zerohedge.com)
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