John Authers, Columnist

Why Stocks Live in an Alternate Reality

The weird rebound is one for the history books. But there are explanations.

September 10, 2025 at 1:00 PM GMT+9

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

A baffling gravity-defying rally.
Photographer: Michael Nagle/Bloomberg

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Counting all the people at work in a country the size of the US isn’t easy. That said, the latest revision to the official non-farm payroll data, which found that jobs were over-counted by 910,000 in the 12 months to March, does nothing to salve confidence. This was the largest change on record and toward the lower end of expectations. However, it came as no great surprise, and the history of revisions to the number shows that initial inaccuracy isn’t a new phenomenon:

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