Jobs Data vs. What Is “Said” or Reported
What You Should Know & Might Be Missing from The Distilled Perspective, 
of Patrick T Bulger, Capital Management & Analytics

This week featured Job Reports

Jobs
One Classic Quote, and 3 Main Statistics... 

Quote reported

Source: @FirstSquawk
US HASSETT: JOBS DATA CONSISTENT WITH STRONG ECONOMY
9:12 AM · Jul 2, 2026

What did the Jobs data say?

1) Source: Bureau of Labor Statistics (BLS)

Non-Farm Payrolls June, 57k vs. 129 last month

April Revised Down by 31k, from 179 to 148k, 
May was revised down by 43k, from 172k to 129k, 

So when you report 57k and revise down the last 2 months by 74k, 
That sounds like a -17k report...in a basic math perspective, 

2) Source: Challenger, Gray & Christmas

Job Cuts Announcements,

• It is the second-highest January-to-June total since 2020, trailing only last year’s government-driven surge. 

Employers announced 226,242 job cuts in the second quarter of 2026, up 4% from the 217,362 cuts announced in the first quarter. 

3) Source: ADP Research

For now, the overall effect is a slowdown in job creation.

Dr. Nela Richardson
Chief Economist, ADP - Automatic Data Processing (They print the checks)

Goods Industry created net 2,000 jobs

Services created 96k
of that, 50% of the jobs were Education & Health Services.

Note, we do not view services data as a reliable conditional indicator.

Conclusion:

Narratives are built for the masses; raw data is for the owners. 

The discrepancy in this week’s reports is a warning sign that the 'herd' appears to be ignoring. 

I manage capital for those who demand quality in their decision chain. 
If you are an intentionally advanced thinker,
It’s time to audit your own position.

Click the "Ask" button to reach out.

Best,

PTB

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