700K jobs lost in 2 months. Long-term unemployment is projected to double in the coming months.

Déjà vu 2008 pic.twitter.com/V6ZMYE5wKF

— C invest (@mikael_aune) December 9, 2024

Government jobs keep making NFP look (a bit) stronger than it is.

One might say, who cares whether the government or private sector created jobs?

A job is a job.

However, government jobs mostly don't add new value like private-sector jobs and over the longer run, are unlikely… pic.twitter.com/RXHMOrwDNa

— Marko Bjegovic (@MBjegovic) December 9, 2024

The UR went up from 4.15% to 4.25%, which is now the same as in Jul.

As a reminder, it was the Jul Employment Report that resulted in the Aug 5 volmaggedon and made the #Fed go 50 instead of 25 in Sep.

The UR is now +0.8 pp above its cycle low, which has never happened in… pic.twitter.com/WvcL8sBRJs

— Marko Bjegovic (@MBjegovic) December 9, 2024