Labor data came out and the initial numbers look like we are still adding more and more jobs and not retracting. 187,000 jobs created in July, slightly higher than the 170,000 estimate.

The issue is the revisions that come out for the previous months. As an example June was revised lower from 185,000 to 105,000. Same with July from 187,000 to 157,000.

The 3-month payroll average is now 150,000 vs the 6 months average of 194,000. Watch the dog, not it’s tail, to find out where it’s going.

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Have a great Labor Day Weekend.