What a SHOCK...Another horrible NFP payroll report!
As bad as losing 100,000+ jobs looks, this morning's NFP numbers are a lot worse than they appear.
The infamous Birth/Death adjustment added 147,000 jobs to the number. The B/D model has now added over 550,000 jobs that this 'adjustment' has added this quarter (April, May, June)!!!
The unemployment rate unexpectedly 'dropped' to 9.5% because OVER 650,000 people were dropped from the labor force! Where the hell did they go?
What a fantastic way to make the numbers look a whole lot better than they actually are! Simply create over 550,000 phantom jobs and then drop over 650,000 people from the labor force!