CNBC and CNN are reporting that private payrolls plunged in September, indicating a very soft jobs market orchestrated by Donald Trump and his yo-yo tariffs.
Since the demented president upended the Bureau of Labor Statistics by firing Commissioner Erika McEntarfer because they accurately reported the data, which showed how badly his economy was doing, it’s unlikely a BLS report will be forthcoming for September.
Trump then pulled his unqualified nominee E.J. Antoni’s for the position, keeping the BLS in total chaos.
CNBC: Let’s just review what we got because, as Rick said, very disappointing.
It was a weak number. So this is private sector jobs.
Total comes in negative, 32,000, and that was a surprise because economists were looking for an increase of 51,000.
It’s the biggest monthly drop since March 2023.
Also, the revision was not good. August was revised down sharply. The month now showing, as you can see, or actually can’t see, but August goes down to negative 3,000 compared to the initial read of 54,000.
There’s the August revision. So two weak months in a row. If you look, private sector payrolls have now dropped in three of the last four months according to ADP. And if you look beneath the surface, you can see where the job losses were.
