Today's BLSBS report was an unmitigated disaster in terms of what it implies for the US economy. The alleged number of "new jobs" came in way below expectations with downward revisions (of course) to May and June, too. The unemployment rate soared past the level expected in the FOMC's June SEP and wages are falling, too.
And now here we are. Just like how The Fed got way behind in fighting inflation because they deluded themselves with all of the "transitory" nonsense, they are now way behind a faltering economy, too. As such, just as inflation got much worse than necessary...
