Below is a brief excerpt transcribed from Friday's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough.

McCullough: This Jobs Report Was Not "Better Than Expected" - 8 7 2020 11 19 11 AM

They're saying the Jobs Report was “better than expected."

Better than expected by who?

I’ll tell you who: Better than expected by Wall Street and its conflicted and compromised financial media.

However, it was terrible for the people that currently don’t have a job.

Even using the understated unemployment rate which you can see on this chart Senior Macro analyst Darius Dale sent to me earlier today.

Per Darius: “Headline Unemployment Rate = 10.2%. Adjusted Unemployment Rate (ex-classifications errors) = 11.1%. Solid Phase 2 print across the board. We’ll see what Phase 3 brings us next month. Our expectation is implied by the color-coding.

The color coding on this chart implies our view from here. We have a view that we went from a Phase 1 “Gong Show” crash, to a Phase 2 “Hopeful Recovery”, to what we are entering now which is Phase 3.

This was the last of the Phase 2 reports. But still an unemployment rate of 10 to 11% is not better than expected!

That’s horrible relative to ANY expectations. Let’s be clear on that!

The Jobs loss and the Consumption loss continues to be a major problem going forward for a lot of different businesses as well as humanity.

McCullough: This Jobs Report Was Not "Better Than Expected" - GGA1