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'Very Significant Sign of Weakening': Bad Jobs Report Sets Off Alarms About US Economy Under Trump (www.commondreams.org)

submitted 1 day ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

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What really made the latest jobs report concerning, however, was the downward revision of previous months' gains, which the BLS described as "larger than normal." The number of jobs added in May was revised downward from 144,000 to 19,000, while the number of jobs added in June was revised downward from 147,000 to 14,000. Taken together, this means that the economy has added an average of just 35,000 jobs per month over the last three months.

New York Times chief economics correspondent Ben Casselman described the downward revisions as "a very significant sign of weakening" and he noted that healthcare and social assistance jobs accounted for nearly all of last month's gains.

"If it hadn't been for that sector, employment would have fallen slightly," he observed on Bluesky.

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[–] njm1314@lemmy.world 6 points 1 day ago (3 children)

It doesn't really explain in the article, but how are they off by over 200,000 in the last 2 months? Was there pressure to make it appear larger than it was? That seems like a significant miscalculation.

[–] jacksilver@lemmy.world 4 points 1 day ago

It's not uncommon for there to be revisions, and they can be quite large. I think the concerning thing is that they're both large and negative revisions, although I'd say somewhat expected.

Overall though, I think these numbers are being reported truthfully as Trump has (maybe wants to) fire the head of the BLS - source

My suspicion is no one is able to accurately predict anything in the economy though due to Trump and Republicans going crazy with tariffs and killing the federal government.

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