This Friday (Data Beans) Wrap is a Jobs Update

This Week was Definitive.

from the Distilled Perspective by Patrick T Bulger Analytics

•    Why is this important to you & your invested capital?

Generally, fewer people getting hired, 
Nets lower sentiment, fear for jobs, layoffs, and potentially less economy.

•    The Data that mattered this week,

Canada is important, as a large trading partner, there's an old saying...
When Canada sneezes, we catch a cold.
I'll add, seems to be getting colder in sync with the data that we view.

Statistics Canada reports -65.5k Employment Change for the month of August.
This is a clear negative number since March of this year.

Purchasing Managers Index numbers out of Canada came in at 50, 
That's down from 54.6 last month and a sizable decline in a time that should show reasonable strength.

Our Bureau of Labor Statistics (BLS) reports that we added 22k jobs in August.
That's a telling number that is interpreted at face value as bad. 
No other way to put it.

Manufacturing payrolls declined with a trend that's been in place since late 2023 & 
the patter is in line with our related data.

The ADP Jobs Report came in weak and
The BLS Job Openings and Labor Turnover Survey (JOLTS) report showed weakness.
Challenger Job Cuts came in a levels from the Great Financial Crisis (GFC) 2008.

•    Perhaps the largest data item of the week, 
The BLS delayed the Benchmark Revision to Next Week on the 9tth...Hmmmm.  Stay tuned for that stat.

•    Summary, 
Jobs that have been getting penciled and marketed as strong have not been.
I look for a bit more realistic numbers to continue.
Canada numbers confirm the view of weakness.

This is viewed as a sizable recognition that: 
1) Economies do slow.
2) It's simply the next cyclical check box checked.
3) Watch the data, not the spin. 

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