Welcome back to The Breakdown with me, NLW.

It's a daily podcast on Macro, Bitcoin, and the Big Picture Power Shifts remaking our world.

What's going on, guys? It is Monday, September 9th, and today we are going macro.

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slash breakdown pod. Well, friends, the August jobs report was released

on Friday by the Bureau of Labor Statistics showing continued deterioration in the labor market.

Headline non-farm payrolls grew by 142,000 below expectations, but significantly better than

the 89,000 reported for July. The unemployment rate ticked down slightly to 4.2%, and so that pair

of headline statistics were not bad. They indicated some weakness, but weren't the type of data that

would trigger fears that a recession is already underway. Digging below the headlines, however,

the statistics were far more gloomy. U6, referred to as real unemployment, rose to 7.9%.

Its highest reading since October 2021.

This statistic includes under-employed workers, workers who are marginally attached to the labor

force, and those who have given up looking for work.

The breakdown of full-time work and half-time work reinforced this idea.

According to the household survey, employment rose by 168,000 jobs overall

in August. However, this figure was largely about churn from full-time work into part-time work.

438,000 full-time positions were lost, while part-time positions increased by 527,000. The report included

major downward revisions for the past two months. July's numbers were reduced by 25,000, while a third of payroll gains were wiped from the

June data, a revision of 61,000 jobs.

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