Well, this is a bit of a surprise, unless you've been a regular listener to this show.
New numbers from the Bureau of Labor Statistics show the U.S. job market isn't as robust as experts predicted.
The government now reports we created 818,000 fewer jobs over the past year than originally reported. That's a 0.5% decrease, hardly the picture of a red-hot labor market.
It appears hiring has been about 28% slower than the previously estimated 242,000 new jobs per month. It's still a solid pace but not the blockbuster we were led to believe.
So, what does this mean going forward? Will the Federal Reserve decide to ease up on the rate hikes? And how will this impact the political landscape? Does this change your outlook on the job market and the broader economy?
These are the kinds of questions I'll be watching closely, because I'm not sure anyone has the answers.
This latest revision is yet another good reason not to take headlines at face value. Give it some salt.
And it also reminds me of something I've pondered a lot.
As I've described on this show, day after day, time and again, in so many different ways, the reality on the ground conflicts with our economic metrics.
The economy is a strange beast. It's a wave we ride, whether we like it or not. When things are good, it propels us forward, like we're surfing. When things are bad, it thrashes us in countless ways that affect much of our lives.
I'm tired of people telling us those feelings aren't real.
What do you think? Share your thoughts in the comments.
And, as always, support my work at JamesBrowntv.substack.com.
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