The July jobs reports for the US revealed some interesting factoids, such as the BLS Commissioner, Erika McEntarfer, being fired. Note that McEntarfer was BLS Commissioner since January 29, 2024. But under McEntarfer, downward revisions were the norm except for election season (Oct 2024 – Dec 2024) when there were upward revisions. But once Trump was elected and took office, all jobs report revisions were negative.
Native born workers rose while foreign born workers declined.
And for the 6th straight month, Federal jobs declined.
And with the poor jobs report that will surely be revised upwards.
The market is pricing in a rate cut at the 09/17/2025 FOMC meeting.
Confounded Interest - Anthony B. Sanders 
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