Every single jobs report in 2023 has been revised down

Every single jobs report in 2023 has been revised down, per Peter Tarr.

Unemployment rate unexpectedly rose to 3.8% in August as payrolls increased by 187,000

Health care showed the biggest gain by sector, adding 71,000. Other leaders were leisure and hospitality, social assistance, and construction.

Average hourly earnings rose 0.2% for the month and 4.3% from a year ago, both slightly below forecasts.

“The broad message here seems to be that we are nearing full employment, with supply and demand coming more into balance,” Bank of America U.S. economist Stephen Juneau said in a client note. “The gains are concentrated in the laggard sectors. The rest of the labor market probably is at full employment.”