Weekly Strategy Perspectives - The Labor Market That Wasn’t

Week ending 09-11-2025. The Through Line: Capital markets absorbed Tuesday’s sizeable downward revision to jobs numbers with a lot more grace than they did a month ago when the run rate of a similar series was also sharply reduced. This week, we dive into the nuances of why data matter; challenges to collection and analysis that have emerged in recent years; and what the tea leaves could be telling us heading into 2026.