why economists were wrong so badly

1. the non-farm is much lower than the economists average forcasts?

2. why economists were wrong? In their forecasts, they cited how many workers will be added in manufacturing, in construction....   They  entirely igonre that in Q2 GDP investment were down a lot. 

3.a. Why 73K is very bad? it is a very weaker number two months in a row for one, second  in US we need 80K-100K a month to aborb the NEW comers (on average), if  you add back each month initial claim, we need the  much bigger number to keep the unemployment rate flat.  

3.b  the 80k-100k a month new comers are average, in July the total number of new comers was 275,000.  You can imagin that a lot of college graduate does not have a job yet. 

4. I do think the unemployment rate is underestimated.

5. Powell is too late. I have had a very positive on him. but this time he is wrong. a. he is too late,  b, he  gave a hawkish press conference after meeting.

 

in short, economy is much weaker than most of the economists thought, maybe including the ones in FED.