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by Tyler Durden
Friday, Aug 04, 2023 - 12:05 PM

While the prevailing post-payrolls narrative has focused on the divergence between the soggy headline payrolls print (which at 187K not only missed expectations for a second consecutive month, but was the lowest number since Dec 2020), and the stronger than expected hourly earnings (which beat expectations only because hours worked dropped again to 34.3, a level last seen in the pre-covid days) and the drop in unemployment rate (which brings us even further from the Fed's year-end dot plot target of 4.1%, a closer look at the details of today's jobs report reveals just how ugly the reality behind the the Budget-Busting Bidenomics truly is.

Let's start with revisions.

Regular readers are aware that earlier this year we spotted a peculiar trend when it comes to economic data releases by the Biden admin which - without fail - had been revised lower...

US jobless claims mysteriously surge upon "data" revision

US jobs mysteriously revised sharply lower upon "data" revision

Europe mysteriously enters recession upon "data" revision

— zerohedge (@zerohedge) June 8, 2023

Take a wild guess in which direction the May 339K NFP print was revised

— zerohedge (@zerohedge) July 7, 2023

Payrolls for every month in 2023 have been revised lower. pic.twitter.com/VwfUvBJnCe

— zerohedge (@zerohedge) July 7, 2023

... and this month was no different. In fact, as shown in the chart below, the jobs print from every single month has been revised lower! Why? So that the White House can take credit for a strong number (one which also sparks algorithmic buying in the market) only to quietly revise it lower one and two months later when nobody is looking.

https://www.zerohedge.com/markets/inside-todays-disastrous-jobs-report-part-time-jobs-soar-1-million-full-timers-crash