It's all because of this: US July non-farm payrolls +114K vs +175K expectedOr at least that is what the narrative is running with. Bloomberg highlighted the Sahm rule after the Fed last week and it was again a focus point after the spike in the unemployment rate on Friday.Alongside the softer non-farm payrolls number, it's easy to get all caught up in the hype and forget the smaller details. That such as the slight increase in the participation rate also perhaps playing a bit part in the jobless rate increase.That being said, facts are facts. US unemployment is now higher than it was before the pandemic. And after Friday's report, it is also higher than the Fed's supposed "natural" rate of u
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