00:00 Speaker A
First, we have to talk about the job numbers, non-farm payrolls. Breaking.
00:04 Speaker A
the US economy. They could have actually just stopped there.
00:09 Speaker A
Breaking, US economy adds 57,000 jobs in June, well below expectations of 114,000.
00:15 Speaker A
Uh-oh. The unemployment rate fell to 4.2% below expectations of 4.3%.
00:19 Speaker A
Wait, that that’s good.
00:21 Speaker A
Kind of some cross currency here.
00:22 Speaker A
May’s job number was also revised down by 43,000 jobs. The labor market remains in a volatile situation.
00:29 Speaker A
So now, uh we live in the upside down. if you’ve ever seen stranger things, where bad news is good news and good news is bad news because bad news makes it more likely that the Fed will cut instead of hike, which means we’ll get more liquidity, which means that markets should be able to go up.
00:41 Speaker A
So, getting 57,000 jobs instead of 114,000 seems really bad because that would be bad for the people that are losing their jobs, but it’s actually really good because your stocks can likely go up because now Fed Chairman Wars has more cover to cut jobs.
00:54 Speaker A
Now, it’s important to remember that these job numbers are completely fake.
00:58 Speaker A
Oh, what’s your source? I made it up.
01:01 Speaker A
Right? We saw under the Biden years, revisions as big as 880,000, 900,000 jobs at the end of the year, meaning that when people reacted and markets reacted in real time to the job numbers they were getting, they were completely fake and were revised down while nobody was looking.
01:12 Speaker A
Meaning that it was a strong job market that they were able to, you know, pump stocks on and then all of a sudden by the end of the year when nobody was looking, all of those jobs disappeared.
01:21 Speaker A
Well, in this case, we had a revision down of May, 43,000 jobs from 172 to 129, and April reserved revised down an additional 31,000 jobs.
01:33 Speaker A
So the numbers that markets react to when they’re presented are almost always revised when nobody’s looking.
01:42 Speaker A
So apparently, markets cheer when people lose their jobs.
01:45 Speaker A
Imagine in a world where Wars had to walk down the street, I used to say Powell, walk down the street in New York City and say to people, listen, I know that you like your job and I appreciate that, but would you be willing to give up that job uh to save the stock market?
01:55 Speaker A
That’s effectively what is happening here and it is absolutely wild.
02:00 Speaker A
So, listen, we’ll keep tracking those numbers, but we know they’re fake and markets react to them anyway.
