Key Points:
- Revisions to monthly job gains have erased 443K job gains from January to November 2023.
- Total jobs added from January to November were revised down from 2.9M to 2.4M, a 15.2% decline.
- June had the highest downward revision from 209K to just 105K, a nearly 50% decline.
- December’s job report alone reported -71K less jobs than originally reported in October and November.
- Before revisions, nonfarm payroll employment rose by 216,000 in December, below the average 225K over the prior 12 months.
- The Right Facts will continue to monitor jobs revisions.