The oddities in the US labor market continue.

Recall one month ago we showed that a stark divergence had opened between the Household and Establishment surveys that make up the monthly jobs report, and since March the former was sliding while the latter was rising every single month. In addition to that, full-time jobs were plunging while multiple jobholders soared near all time highs.

Fast forward to today when the inconsistencies grow and in some cases have becoming downright grotesque.

Consider the following: the closely followed establishment survey came in above expectations at 315K, yet it was well below last month’s 526K print, with June unexpectedly revised sharply lower by 105K from 398K to 293K…

… revisions which will go toward reducing the huge gap that has grown between the Household and the Establishment survey, although not nearly enough and as Academy Securities’ strategist Peter Tchir writes, “look for more revisions as last month’s surprisingly good result wasn’t revised much.”

Of course, there is a problem with the above: all of these numbers are complete bullshit, and to believe them, one has to disregard and ignore the mass layoffs announced by US corporations and tracked by handy third-party websites such as Layoffs which shows that in recent months and quarter, the US has been swept by near record layoffs, on part with those observed during the peak of the covid crisis!