US Labor Market Summarized:

1. 10 out of the last 11 jobs reports revised lower

2. ~25% of jobs gains in 2023 ultimately revised away

3. Government jobs accounted for 25% of December jobs gains

4. Part time jobs UP 762,000, full time jobs DOWN 1.5 million in December

5. Full-time job gains are FLAT for 2023 while part-time is up sharply

6. Inflation adjusted earnings ~3% BELOW 2021 levels

But still, the initial jobs number beats expectations and prints headlines before being revised lower.

How is this a "soft landing."

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