LABOR LIMPS

Employers added a decent 142,000 net jobs in August, but July was revised down from 114,000 to 89,000 and June from 179,000 to 118,000. Four of the five weakest monthly readings since 12/20 have come during the past five months. The August number will also likely be revised down. Weakening is obvious. The Fed should cut 50bps on 9/18/24 but will do 25bps because they remain oblivious to the obvious.