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US labor market adds 73,000 jobs in July while May, June reports see 'larger than normal' downward revisions (finance.yahoo.com)

submitted 1 day ago by cm0002@lemmy.world to c/usa@midwest.social

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[–] salty_chief@lemmy.world 3 points 1 day ago (1 children)

Second estimate versus first (initial): On average, there was a −16,000 jobs/month revision in 2024 (seasonally adjusted).

Third estimate versus second: An additional average revision of −5,000 jobs/month.

Total average downward revision (first to third): roughly −20,000 jobs/month for 2024.

The annual benchmark revision (released August 2024) adjusted aggregate employment for the 12‑month period April 2023 to March 2024 downward by approximately 818,000 jobs, equivalent to about −68,000 jobs/month compared to the initial published series

These differences reflect typical sampling error corrections, but the −818,000 benchmark revision was significantly larger than usual

[–] redsand@lemmy.dbzer0.com 1 points 1 day ago

So the annual revision for 2025 is going to be something to behold. Popcorn time JPow.