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BREAKING: Job Market Just Revised Down 800,000! (Payroll Crash) episode artwork

EPISODE · Aug 22, 2024 · 18 MIN

BREAKING: Job Market Just Revised Down 800,000! (Payroll Crash)

from Eurodollar University · host Jeff Snider

Was Macy's the latest victim of the strong labor market? That doesn't make sense, of course, and now the government data has been revised massively lower to better align what really happened last year with where we are this year. The new figures show not just one-third fewer jobs gained, more importantly what that does the rate of change in the rate of change (2nd derivative). It ends up in Macy's sales forecast.Eurodollar University's Money & Macro AnalysisCNBC Macy’s cuts sales forecast as department stores struggle to draw shoppershttps://www.cnbc.com/2024/08/21/macys-m-q2-2024-earnings.htmlMacy's Quarterly Resultshttps://www.macysinc.com/newsroom/news/news-details/2024/Macys-Inc.-Reports-Second-Quarter-2024-Results/default.aspxBLS QCEW Homehttps://www.bls.gov/cew/BLS QCEW CES Preliminary Benchmark Announcementhttps://www.bls.gov/web/empsit/cesprelbmk.htmhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

What this episode covers

Was Macy's the latest victim of the strong labor market? That doesn't make sense, of course, and now the government data has been revised massively lower to better align what really happened last year with where we are this year. The new figures show not just one-third fewer jobs gained, more importantly what that does the rate of change in the rate of change (2nd derivative). It ends up in Macy's sales forecast.Eurodollar University's Money & Macro AnalysisCNBC Macy’s cuts sales forecast as department stores struggle to draw shoppershttps://www.cnbc.com/2024/08/21/macys-m-q2-2024-earnings.htmlMacy's Quarterly Resultshttps://www.macysinc.com/newsroom/news/news-details/2024/Macys-Inc.-Reports-Second-Quarter-2024-Results/default.aspxBLS QCEW Homehttps://www.bls.gov/cew/BLS QCEW CES Preliminary Benchmark Announcementhttps://www.bls.gov/web/empsit/cesprelbmk.htmhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

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BREAKING: Job Market Just Revised Down 800,000! (Payroll Crash)

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This episode is 18 minutes long.

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This episode was published on August 22, 2024.

What is this episode about?

Was Macy's the latest victim of the strong labor market? That doesn't make sense, of course, and now the government data has been revised massively lower to better align what really happened last year with where we are this year. The new figures...

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