If the Jobs report was bad enough, Just wait until they revise it downward to reflect reality

Record Number Of Multiple Jobholders: A Closer Looks Inside The Horrific October Jobs Report

From ZeroHedge:

Today's jobs data was so ugly, not even the Biden admin had anything positive to say about it.

For those who missed our recap, this is what we found just superficially: nonfarm payrolls slowed by more than expected; the unemployment rate rose to 3.9%, up 0.5% from April and triggering Sahm's Rule countdown to a recession, and average hourly earnings were mixed with sequential rising less than expected.

But it's what was hiding below the surface that was truly horrific.

Let's start at the top.

1. Nonfarm Payrolls printed at just 150K, below the 180K expected, down by 50% from the (downward revised) September print of 297K and the second lowest since the Covid crash/lockdown.

2. Atrocious job composition. Not only was the quantity of jobs poor, the quality (or composition) was absolutely atrocious: of the 150K jobs added in October, 51K, or more than a third was government workers (which as everyone knows aren't real employees as they don't produce anything of value but instead are a tax on the private sector); and of the remaining 99K jobs, 89K was "education and health services" workers with low-paid healthcare and social assistance workers accounting for the vast majority here (77.2K). The remaining jobs was a paltry 10K and this included declines in such high paying sectors as Trade and Transportation (-1K), Information (-9K), Financial Activities (-2K), and a whopping 35K drop in Manufacturing jobs.

3. Birth-Death Adjustment was 412K, the second highest in history. For those unfamiliar with the Birth-Death adj, the BLS has a primer here, but the bottom line is that the BLS is assuming that business/job creation - which is a fudge factory it applies to the non-seasonally adjusted payrolls number - was the second highest on record, which means that the BLS is seeing unprecedented economic growth taking place behind the scenes, with millions of new businesses somehow opening (without this fudge factor, the baseline number of jobs to which the BLS applies seasonal adjustments would be 412K lower, meaning that the actual job print in October would be deeply negative) The reality, of course, is just the opposite, which brings us to the next point...

4. Record, relentless downward revisions. The October jobs report confirmed what many expected: both the August and September jobs reports were far too high when initially reported (in large part because of similarly ridiculous Birth-Death adjustments in prior months). To wit, the jobs change for August was revised down by 62,000, from +227,000 to +165,000, and the change for September was revised down by 39,000, from +336,000 to +297,000. With these revisions, employment in August and September combined is 101,000 lower than previously reported. But it gets worse: as shown in the chart below, the Biden Labor Bureau has downward revised 8 of the 9 previous monthly jobs reports for 2023, an outcome which if it was purely by chance would be a 10-sigma event. Which is why the only conclusion one can make is that the BLS data is rigged to show a strong initial print, and then when the number is less relevant 1-2 months later, the much uglier truth finally emerges and the "strong" initial fake number gets cuts substantially to what it really was originally.

More HERE.