REVISIONS ERASE 330K JOB GAINS SO FAR THIS YEAR

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Key Points:

  • Revisions to monthly job gains have erased 330K job gains in the first seven months of the year.
  • Total jobs added from January to July were revised down from 2.1M to 1.7M, a 16.1% decline.
  • June had the highest revision from 209K to just 105K, a nearly 50% decline.
  • Before revisions, nonfarm payroll employment rose by 187,000 in August and the unemployment rate rose to 3.8%.
  • The Right Facts will continue to monitor jobs revisions.
Source