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- No BS. Just Bullish.
No BS. Just Bullish.
Jobs | Politics
The Wall Street Skinny
August 22, 2024
This Week on The Floor
Jen & Kristen here! We have something we think you'll love...
In last week’s newsletters, we talked about resume optimization. On our latest podcast episode, we taught you exactly what interviewers are looking for in a resume.
We got tons of DMs asking about exactly what the resume should look like.
Finance resumes are totally different from resumes you may have used in the past (or what your friends in other industries use). No bells and whistles, no Elle Woods pink scented paper.
We are giving you the exact resume template we've used to land internships and full-time jobs on Wall Street.
Get your FREE resume template here.
In this Edition:
Jobs data: “Honey, where’d you put the 818k missing jobs?”
The politics of economic data
🎧 New on the Podcast 🎧
Markets Recap / Deal News
Interviewing this week? Here’s some content for your conversation.
Yesterday the BLS reported that US payrolls for the 12 months ending in March of this year will likely be revised down by 818,000 jobs 🤯.
This is the largest downward revision since 2009. It led to a rally in Treasuries (meaning, rates went down) and market participants are now pricing in ~100bps of rate cuts for the remainder of the year.
But the REAL story was that the data was supposed to be released at 10am — yet didn’t show up on the BLS’ website until more than half an hour later 😱.
Only a handful of market participants had access to the data on time because they literally called the BLS directly and asked.
What does this mean?
It means that there was a significant asymmetry of information around a critical data point that enabled quick thinkers to gain an edge.
It ALSO means that in a day and age where we’ve gotten complacent about the availability of information, hustle and common sense still pays off.
Don’t be ridiculous, nobody actually CALLS and asks for economic data!….Do they?
Moreover, the massive confusion around the data release helped fuel accusations of incompetence and embolden skeptics.
Some cynics have theorized that payroll data is artificially manipulated to boost confidence in the incumbent political administration’s economic policies.
Others have accused the bureau of giving early access to data to selective market participants, something that can have a huge impact on positioning and ability to profit from information.
To be clear, we have no actual knowledge of anything to this effect.
But we all know the devil is in the details…and close to a million missing jobs seems like a pretty big detail to us.