US Payrolls are dramatically revised down

They were marked down by a whopping 818,000 for the 12 months through March or around 68,000 less each month.

The Bureau of Labor Statistics does make regular revisions to their statistics, as more data comes in, but this is the biggest downward revision since 2009. See

source

It explains why American voters were not giving Biden credit for a "strong" economy; the strong economy was a phantom.

Voter's hunches that things were better under Trump have been confirmed.

Separately, the number of Americans unemployed long-term (i.e. for more than a year) rose for the seventh consecutive month. That's a recession indicator.

I think this downward revision pretty much guarantees a Fed interest rate cut in September, even if inflation remains elevated.

One good piece of news for bitcoiners: cutting interest rates while inflation is elevated should see investors trying to protect the value of their money by buying bitcoin and gold.