The Kobeissi Letter highlights data from Revelio Labs indicating that US nonfarm employment fell by 9,000 in November. This alternative dataset, which aggregates information from career pages and staffing agencies, marks the second consecutive monthly decline in their records.
The figures suggest a potentially sharper contraction in the labor market than official statistics may initially reveal, pointing to underlying weakness in hiring demand. This data is closely watched by traders for early signals of economic shifts.
Such indicators reinforce the narrative of a cooling economy, which could influence market expectations regarding the Federal Reserve's upcoming interest rate decisions.