The Real Shocker In Friday’s Jobs Report: 1.2 Million Native-Born Workers Lost Their Jobs, And Were Replaced With 668K Foreign-Born Workers

Shortly after the August “goldlilocks” jobs report hit at 8:30am ET on Friday, which first despatched yields tumbling as markets centered on the surge within the unemployment charge earlier than a pointy reversal despatched long-end charges in the other way as consideration as a substitute turned to the soar in employees re-entering the labor pressure (in addition to the stronger than anticipated ISM print), we defined why, misplaced within the din over the attention-grabbing headlines, the main points contained in the report confirmed simply how ugly the August nonfarm payroll report really was.

For one, we’ve got now seen downward month-to-month payrolls revisions for each single month in 2023, a statistically inconceivable consequence with out some political interference.