Things aren’t good. Meanwhile, the Government is going to great lengths to cover up growing economic warts.

Moments after the October jobs report dropped this morning, Josh Steiner and Keith McCullough broke the data down live on The Call @ Hedgeye.

A couple key takeaways: 

  • An astounding one-third of the total jobs added were government hires
  • Numbers in the Non-Farm Payroll Report have been revised downward EVERY SINGLE MONTH in 2023


“August jobs were negatively revised by 62,000, September was revised down by 39,000,” Hedgeye’s Financials analyst explained.

“Through July, we’d had seven straight months of downward revisions. The last time that happened was during the Great Financial Crisis. This brings that streak from seven to nine consecutive months of negative revisions.” 

“Non-Farm Payroll revised lower every month. Not one month. Every month. The economy’s great as long as they spend the sh*t out of your future and your kids’ and grandkids’,” McCullough added later on The Macro Show.

“We’ll take the debt to $33 TRILLION to tell you that if we add enough government jobs with your tax dollars, this stuff’s good.” 

Watch the full clip above. 

WTF? 9 Months In a Row of Negative Jobs Report Revisions - TMS Banner