Over 300,000 jobs vanished from the books in four months, the labor market was never strong.
The Fed is late:
Based on recent data, President Trump's calls for rate cuts beginning ~5 months ago were correct.
And, it's even more evident that this is the case after over -300,000 jobs were revised out of 4 months of data.
However, it's also clear that the Fed was…
— The Kobeissi Letter (@KobeissiLetter) September 6, 2025