Hey, everyone. It's me, Sam Stein, managing editor at The Bullwork, and I'm joined by Catherine Rampel, who's the offer of receipts. You've got to subscribe to it. It's great newsletter on the economy and all things that are going terribly wrong. Hopefully we can start right to make things that going right. Yeah, I would love to include more information about good things happening in the college. cases where I'm rooting for a good,

upbeat newsletter.

I don't always feel that way,

but in this case, I really... Yeah, this is one of those cases where I'm rooting for a good, upbeat newsletter.

I don't always feel that way, but in this case, I really wish you could write about more

uplifting things, which is not quite there yet.

And that's true, I guess, with today's jobs number.

So top line figures, and then I'll let you cook.

We had a gain of 64,000 jobs in the past month.

The unemployment rate took to 4.6%.

That's the highest in four years.

But the real headline was the October revisions, down 105,000.

That's primarily, although not exclusively, because of the exit of tens of thousands of federal workers.

They took the buyouts and the riffs, they finally came to fruition in that data set.

And then I would just say one last thing, wage growth ticked back down or not ticked down from where it's been.

It's about 3.5 percent barely beating inflation.

So, you know, we were kind of debating in the Morning Shots Slack Channel how to

describe this report. We put mixed and we said, no, it's not mixed. It's pretty, I don't know, yucky. I think yucky is a good way. I don't know if that's the word we use, but maybe you should have been in the Slack channel to help us out there. Sorry. It's all right. No, but how would you put it? How do you describe it? Yeah, I think it was not great, particularly, like even if you take it at face value,

and I'm going to say in a second why maybe you shouldn't. The numbers were not great.

We had job losses in three of the past six months now. Beyond that, manufacturing, for example, has been losing

months for the, excuse me, losing jobs for the past seven consecutive months. So manufacturing

appears to be in recession, despite all of the promises of a manufacturing renaissance because

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