X @Raoul Pal

RT Julien Bittel, CFA (@BittelJulien)It’s been five days since the August jobs report dropped, and I’ve gone through at least 20 takes. The narratives are all over the place, making it hard to separate signal from noise.Here’s what actually matters:Unemployment keeps grinding higher, exactly as our lead indicators and GMI/MIT work flagged back in Q1. That keeps the Fed engaged.At the same time, the earliest signs of a cyclical recovery in employment are already showing up in the data.Our GMI Early Workforce ...