August jobs report: +162K nonfarm payrolls vs +53K expected — a 3x beat on the headline.
But the revisions matter more. July revised down to +21K. June revised down to +31K. Two straight months of labor market weakness hidden beneath the surface.
Unemployment held at 4.1%. Wage growth cooled to +3.09% YoY. Average workweek ticked up to 34.4 hours.
Private sector +127K. Government +35K.
The headline screams strength. The revisions whisper fragility. The Fed sees both, and that's the tension that moves $SPY. Strong enough to avoid panic, weak enough to keep rate cuts on the table. This is the data that keeps gamma dealers on their toes and vol suppressed until it isn't.
But the revisions matter more. July revised down to +21K. June revised down to +31K. Two straight months of labor market weakness hidden beneath the surface.
Unemployment held at 4.1%. Wage growth cooled to +3.09% YoY. Average workweek ticked up to 34.4 hours.
Private sector +127K. Government +35K.
The headline screams strength. The revisions whisper fragility. The Fed sees both, and that's the tension that moves $SPY. Strong enough to avoid panic, weak enough to keep rate cuts on the table. This is the data that keeps gamma dealers on their toes and vol suppressed until it isn't.