We are now well and truly in bizarro world.
In a time when the US is in a technical recession, and when tech companies are mass laying off thousands of people, moments ago the BLS reported that in July the US added a whopping 528K jobs, more than double the 250K expected, up solidly from last month’s upward revised 398K (up from 372K) and the highest since February’s 714K!
Today’s number means total nonfarm employment has increased by 22.0 million since reaching a low in April 2020 and is back to pre-pandemic levels. Private-sector employment is 629,000 higher than in February 2020, although several sectors have yet to recover. Government employment is 597,000 lower than its pre-pandemic level.
Just how ridiculous was the