3 November 2023
The October jobs report was abysmal, with jobs added plummeting to 150K—a massive 50% drop from September and a grim indicator of economic health. Widespread job revisions suggest previous data was overstated, likely for political optics. Unemployment ticked up, wage growth faltered, and manufacturing took a significant hit, eroding faith in a labor market recovery. The figures point unmistakably towards an impending recession.