Significant Labor Market Revisions and Economic Implications

Was Macy's the latest victim of the strong labor market? That doesn't make sense, of course, and now the government data has been revised massively lower to better align what really happened last year with where we are this year. The new figures show not just one-third fewer jobs gained, more importantly what that does the rate of change in the rate of change (2nd derivative). It ends up in Macy's sales forecast.

Eurodollar University's Money & Macro Analysis

CNBC Macy’s cuts sales forecast as department stores struggle to draw shoppers
https://www.cnbc.com/2024/08/21/macys-m-q2-2024-earnings.html

Macy's Quarterly Results
https://www.macysinc.com/newsroom/news/news-details/2024/Macys-Inc.-Reports-Second-Quarter-2024-Results/default.aspx

BLS QCEW Home
https://www.bls.gov/cew/

BLS QCEW CES Preliminary Benchmark Announcement
https://www.bls.gov/web/empsit/cesprelbmk.htm

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU