This Has NEVER Happened Before

This has never happened before. Sure, the payroll data and CPS series have diverged before but this is something entirely new. The fact that it runs contrary to decades of history makes our determination rather easy and simple: the labor market noose is tightening. 

Eurodollar University's Money & Macro Analysis

Bloomberg Big US Job Gains Is Out of Sync With Recent Weaker Economic Data
https://www.bloomberg.com/news/live-blog/2024-06-07/us-employment-report-for-may

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