The jobs numbers are in - and they reveal that the U.S. unemployment rate unexpectedly rose in the month of August.
According to CNBC:
The unemployment rate rose sharply in August, as the summer of 2023 neared a close with a job market in slowdown mode.
Nonfarm payrolls grew by a seasonally adjusted 187,000 for the month, above the Dow Jones estimate for 170,000.
However, the unemployment rate was 3.8%, up significantly from July and the highest since February 2022. A more encompassing unemployment measure that counts discouraged workers as well as those working part-time for economic reasons jumped to 7.1%, a 0.4 percentage point increase and the highest since May 2022.
The jobs figures for June and July were also revised downward by 110,000 jobs, portraying a much weaker picture of summer employment group than was initially thought. Or in other words, this means that every single payrolls print in 2023 has been revised downward by the Bureau of Labor Statistics (with the exception of August, since it was just reported).
Terrible numbers in Aug #JobsReport and it gets worse with the increasingly suspicious "revisions"...
— EJ Antoni (@RealEJAntoni) September 1, 2023
Here's a deep-dive, plain English 🧵 with what you need to know... pic.twitter.com/3Pdba7u1gb
Matt Palumbo is the author of Fact-Checking the Fact-Checkers: How the Left Hijacked and Weaponized the Fact-Checking Industry and The Man Behind the Curtain: Inside the Secret Network of George Soros
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