9/9/2024
By Charles Payne CEO & Principal Analyst

The August employment report fell short of the consensus, but many on Wall Street and the Federal Reserve praised it as “solid.”

Even taken at face value, it needed to be more “solid.” Moreover, we have to believe the number could be revised much lower. That has been the story of the government’s monthly employment report.   Since January 2023, the trend has overwhelmingly been to see the number revised lower on subsequent releases. That was the biggest takeaway from last week.

Revisions

• June -61,000 to 188,000
• July -25,000 to 89,000

Best Assessment

I think Diane Swonk had the best initial assessment of the jobs market. It highlights things I didn’t see or compute. It points to the demise of revenue travel and the concentration of jobs in three areas that are not proxies for the private sector.

Her observation of how vital labor is to Powell versus his colleagues is critically essential.

To read the full report, contact your account representative or email Info@wstreet.com.

Charles Payne
Wall Street Strategies

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