One of the big surprises in today's jobs report was the contraction in government payrolls.Consensus expected total job growth of 104k, of which 100k would be private jobs - implying growth of 4k for government payrolls.Instead, the government sector lost -10k jobs, thanks to a -14k decline in Federal workers (non-USPS).This shouldn't have been a big surprise...I'll explain quickly in the 🧵