If this trend continues, it will turn out that August and October saw JOB LOSSES. Hiring fell sharply before summer and never came back, all of that leading up to the holidays. ADP October payrolls revised down.

⚠️BRACE FOR MORE US JOB MARKET DATA REVISIONS⚠️

Nonfarm payrolls will likely be revised DOWNWARD by another ~300,000 jobs for 2Q 2024.

This is according to the QCEW data released by the BLS.

If this trend continues, it will turn out that August and October saw JOB LOSSES. pic.twitter.com/rA3cgv6En6

— Global Markets Investor (@GlobalMktObserv) December 3, 2024

⚠️US JOB MARKET IS DETERIORATING⚠️

US hires as % of employment has dropped to 3.3%, THE LOWEST since the 2020 Pandemic CRISIS.

The hiring rate is now below the 2015-2019 pre-pandemic average of 3.8% and below the 2001 recession levels.

Hiring has been falling for 3 years. pic.twitter.com/Y7dpr05kbI

— Global Markets Investor (@GlobalMktObserv) December 3, 2024

#recession … #GFC2 US #Labor edition #ADP #Payrolls #Employment 📉 👀 https://t.co/kCJp4DWn46

— Invariant Perspective (@InvariantPersp1) December 4, 2024

The statistical size of these revisions over & over is what makes these labor surveys an absolute joke.

Has to be a better way. https://t.co/4QOmFs2mXY

— Don Johnson (@DonMiami3) December 4, 2024

The Christmas shopping season is off to a poor start, with dim results coming in from various sources showing lower traffic and slower spending. The reason is easy enough to identify, starting with the latest labor report from the government. Hiring fell sharply before summer and never came back, all of that leading up to the holidays.