Locator: 49053ECONOMY.
This was the biggest revision ever in the history of the BLS -- revised by almost a million jobs lost!
Wow, how can an agency be off by that much!?!? Worst in its history. Coincidentally occurred in Trump's first year. Coincidental? Some people tell me that nothing is coincidental. JPow is looking at his legacy right now. Fed presidents resigning and/or being fired, and recession back on the Fed's agenda with which to deal. My hunch: JPow is going to look a lot older in his retirement photo six months from now.
The new meme: JPow was watching the data before making a decision to cut rates. Unfortunately the data was wrong. Or at least appears to have been wrong.
Garbage in, garbage out.
Jobs report today, link here.
Cognitive dissonance for The New York Times:
- Trump was right. JPow has been too slow in cutting rates.
- Trump economy stumbling.
Would the economy be stumbling if the Fed had already cut rates?
