Bloomberg’s chief economist Anna Wong:
“May’s jobs report presented contradictory views of the labor market, as we expected. The establishment survey shows robust gains in nonfarm payrolls — yet the unemployment rate rose to 4.0%. We believe the latter currently offers a closer approximation of reality than payrolls, as BLS’ model for estimating business births and deaths – which added 231,000 jobs to the nonfarm-payrolls print in May – is lagging the reality of surging establishment closures and falling business formation. We think the underlying pace of current job gains is likely less than 100,000 per month.”
https://x.com/zerohedge/status/1799069471765922202?s=46&t=eVH48PcYab6vu6prwIzoOw
I’ve been a buyer of bonds lately, and I hope that that interpretation takes hold in the market.