I did a control F and saw that a couple people already mentioned this ITT
but just in case, so nobody in here gets blindsided
tomorrow morning BLS is going to publish that they overestimated jobs (potentially) up to 1,000,000
https://www.bloomberg.com/news/articles/2024-08-20/fed-confronts-up-to-a-million-us-jobs-vanishing-in-revision?embedded-checkout=truehttps://nypost.com/2024/08/20/business/wall-street-banks-brace-for-downward-revision-of-1m-fewer-jobs/>The federal government is poised to reveal that the US economy created as many as a million fewer jobs than previously thought in the 12-month period that stretched through the end of March.>A downward revision of more than 501,000 would be the largest in 15 years.Lol - 501K revision would be largest in 15 years, and Goldman Sachs expects DOUBLE this revision
>Data showing the job market was weaker than previously thought could increase concerns the US economy is facing a potentially worse downturn than the current expectation for a “soft landing” in which inflation is tamed without a recession.If we end up having a massive revision down tomorrow (pro-tip: we will, BLS has been cooking the books for 2+ years and increasing their cooking in each subsequent report) it will squash the soft landing narrative and we will have a massive sell off
Don't get caught with your pants down / not understanding what is going on
Tomorrow the market will see all at once all of the cooked economic reports all at once, and realize that we are in much weaker shape than originally thought
