⚠️The US economy actually LOST jobs in Q3 2024:

Q3 2024 job numbers will likely be revised down by ~400,000

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The Bureau of Labor Statistics reported 1,000 job losses in Q3 2024 after 163,000 job losses in Q2 2024, according to Business Employment Dynamics data released Wednesday.

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This is in huge contrast to the initial estimate of nonfarm payrolls showing 399,000 jobs created in Q3 2024.

As a reminder, the Business Employment Dynamics (BED) report utilizes employment data from 9.1 million establishments (a single physical location where one predominant activity occurs) and excludes government workers.

Monthly nonfarm payrolls come from ~629,000 establishments, instead.

This data won't show up in the jobs numbers until next year. The most recent such big revision was reported in January.

!!️The US job report for January was a complete mess

Despite the last two months' positive revisions, the US job market is likely to deteriorate further

globalmarketsinvestor.beehiiv.com/p/the-us-job-report-for-january-was-a-complete-mess

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The US job headline numbers are overstated

The US labor market continues to deteriorate under the surface

globalmarketsinvestor.beehiiv.com/p/the-us-job-headline-numbers-are-overstated

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