The bond market reacted just as expected to weaker-than-forecast job numbers from the Bureau of Labor Statistics.
But here’s my biggest gripe: revisions.
Remember those “blowout” job reports two months ago? Turns out they were overstated—by 258,000 jobs.
This year, monthly revisions are averaging 77,000 jobs lower—more than double last year’s average. That’s a dangerous trend.
Let’s see what July looks like once it’s revised down too.
What does this mean for you?
The bond market is moving toward safety. Employment is sputtering, and the broader economy is showing signs of strain.
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