This is the largest revision on record. On average, that means 76,000 jobs per month, or 52% of the jobs previously reported, never actually existed.

We all knew something was off, and this confirms it. It’s yet another strong signal pushing the Fed toward more aggressive rate cuts.

For now, we’re holding onto the lower rates gained over the past two weeks, following Powell’s testimony at Jackson Hole.

Housing Index Ticks Higher

The housing index finally rose 3 points to 27 on a 100-point scale. While 50 marks the line between contraction and expansion, today’s move shows things are at least headed in the right direction.

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