There are 2 scenarios after today's data: 1. The US labor market is entering a recession 2. Something is seriously wrong with the data The unemployment rate is rising and -258,000 jobs have seemingly disappeared from the data in 2 months. That's more than the entire population of Scottsdale, Arizona in a single data revision. This comes just 24 hours after the Fed said we have a "strong labor market." Something doesn't add up.(The Kobeissi Letter)