Yesterday’s job revision numbers from the BLS of -800k is in a historic context a clear sign of a recession. We agree that some data are starting to raise concerns, but before we rush to call for 50 bps emergency cuts, we need to remember that this time is slightly different, given the >3 million immigrants on a yearly rolling basis who have supplied the labor force in 2023-24. This is also why the Sahm Rule, adjusted for immigration, hasn’t triggered yet.