Daily Wrap – How Do You Overstate Job Gains By 911,000 Jobs? Unacknowledged Recession?

The market’s response today was somewhat surprising following the preliminary benchmark revision to payroll estimates for March 2024 to March 2025, which revealed a record-setting overstatement of 911,000 jobs, aligning with expectations for a substantial downward adjustment, but come on! That’s nearly a million jobs reported as created that were not. Last year’s -818,000 downward…