As I noted in an earlier post (see link below), initial nonfarm payroll jobs numbers were giving a false signal regarding the health of the U.S. labor market. They were being subject to repeated and significant downward revisions. We now know that the first half of 2025 was a disaster from a job creation perspective:
https://www.bls.gov/web/empsit/cesnaicsrev.htm
https://www.bls.gov/web/empsit/cesnaicsrev.htm
From May 2, 2025:
US Nonfarm Payrolls – Pay Attention to Data Revisions
US Nonfarm Payrolls – Pay Attention to Data Revisions
Here are today's revised figures from BLS:
Big Downward Jobs Revisions Could Be a Warning Sign for the Economy
https://www.nytimes.com/2025/08/01/business/economy/jobs-report-revisions-us-economy.html
Employers added far fewer jobs in May and June than previously reported. Such downgrades have historically meant trouble for the labor market.
https://www.nytimes.com/2025/08/01/business/economy/jobs-report-revisions-us-economy.html
Employers added far fewer jobs in May and June than previously reported. Such downgrades have historically meant trouble for the labor market.
The Mystery of the Strong Economy Has Finally Been Solved
https://www.yahoo.com/news/articles/mystery-strong-economy-finally-solved-200200276.html
https://www.yahoo.com/news/articles/mystery-strong-economy-finally-solved-200200276.html