REVISIONS ERASED 337K JOB GAINS SO FAR THIS YEAR

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Key Points:

  • Revisions to monthly job gains have erased 337K job gains in the first nine months of the year.
  • Total jobs added from January to September were revised down from 2.6M to 2.2M, a 13.1% decline.
  • June had the highest downward revision from 209K to just 105K, a nearly 50% decline.
  • October’s job report alone reported -101K less jobs than originally reported in August and September.
  • Before revisions, nonfarm payroll employment rose by a meager 150,000 in October and the unemployment rate rose to 3.9%.
  • The Right Facts will continue to monitor jobs revisions.
Source