ZeroHedge News (RSS Feed) on Nostr: Jobs Shock: October Payrolls Huge Miss As Private Payrolls Print Negative For First ...
Jobs Shock: October Payrolls Huge Miss As Private Payrolls Print Negative For First Time Since 2020
Jobs Shock: October Payrolls Huge Miss As Private Payrolls Print Negative For First Time Since 2020
In our https://www.zerohedge.com/economics/october-paryolls-preview-first-negative-print-years
, we said that the October payrolls report may show the first negative print since 2020. Well, moments ago the BLS reported the highly anticipated number and... it was close: the monthly print was only 12K, a huge drop from the pre-revision 254K in October (revised naturally lower to 223K), and just 13K away from a negative print.
The print was so low it was only above the two lowest estimates (those of Bloomberg Econ for -10K and ABN Amr0 for a 0 print). That means it was a 3 sigma miss to estimates.
And of course, as has been the case for the entire Biden admin, previous months were revised sharply lower once again: August was revised down by 81,000, from +159,000 to +78,000, and September was revised down by 31,000, from +254,000 to +223,000. With these revisions, employment in August and September combined is 112,000 lower than previously reported. This means that even after the monster September revision when 818K jobs were removed, 7 of the past 9 months were again revised lower!
This means that once the November jobs are released, we can be virtually certain that October will be revised to negative.
But wait, there's more because while the total payroll number was just barely positive, if one excludes the 40K government jobs, private payrolls was in fact negative to the tune of -28K, down from 223K pre-revision last month, and the first negative print since December 2020. In other words, we were right... when it comes to actual, non-parasite "government" jobs.
Developing.
https://cms.zerohedge.com/users/tyler-durden
Fri, 11/01/2024 - 08:50
https://www.zerohedge.com/markets/jobs-shock-october-payrolls-huge-miss-private-payrolls-print-negative-first-time-2020
Jobs Shock: October Payrolls Huge Miss As Private Payrolls Print Negative For First Time Since 2020
In our https://www.zerohedge.com/economics/october-paryolls-preview-first-negative-print-years
, we said that the October payrolls report may show the first negative print since 2020. Well, moments ago the BLS reported the highly anticipated number and... it was close: the monthly print was only 12K, a huge drop from the pre-revision 254K in October (revised naturally lower to 223K), and just 13K away from a negative print.
The print was so low it was only above the two lowest estimates (those of Bloomberg Econ for -10K and ABN Amr0 for a 0 print). That means it was a 3 sigma miss to estimates.
And of course, as has been the case for the entire Biden admin, previous months were revised sharply lower once again: August was revised down by 81,000, from +159,000 to +78,000, and September was revised down by 31,000, from +254,000 to +223,000. With these revisions, employment in August and September combined is 112,000 lower than previously reported. This means that even after the monster September revision when 818K jobs were removed, 7 of the past 9 months were again revised lower!
This means that once the November jobs are released, we can be virtually certain that October will be revised to negative.
But wait, there's more because while the total payroll number was just barely positive, if one excludes the 40K government jobs, private payrolls was in fact negative to the tune of -28K, down from 223K pre-revision last month, and the first negative print since December 2020. In other words, we were right... when it comes to actual, non-parasite "government" jobs.
Developing.
https://cms.zerohedge.com/users/tyler-durden
Fri, 11/01/2024 - 08:50
https://www.zerohedge.com/markets/jobs-shock-october-payrolls-huge-miss-private-payrolls-print-negative-first-time-2020