Stunning revisions show US added 258k fewer jobs than first reported
Share and Follow


The U.S. added 258,000 fewer jobs in May and June than the Labor Department first reported, according to federal data released Friday.

The Bureau of Labor Statistics (BLS) issued stunning revisions to its reports on May and June employment growth in an overall dismal July jobs report, drastically changing the picture of the U.S. economy.

The U.S. only added 19,000 jobs in May compared to an initial report of 144,000, and only 14,000 in June after an initial report of 147,000, according to BLS. Those two paltry totals, plus a July jobs gain of 73,000, means the U.S. added just 106,000 jobs over the past three months.

“Hiring has hit a wall in the U.S. Substantial downward revisions in payrolls means that private sector hiring has averaged a little more than 50,000 jobs over the past three months,” wrote Bankrate senior economic analyst Mark Hamrick in an analysis.

While BLS often revises job figures, the scale of the revisions — and what they said about the economy — stunned experts and investors after a week of relatively solid economic data.

The July jobs report showed the labor market stalling out last month, with most industries other than health care reported meager job gains or outright losses. The report comes two days after the Federal Reserve kept interest rates steady, but with two members of the Fed board calling for lower rates.

President Trump raged against the Fed and its chair, Jerome Powell, in the hours before the report was released. Trump urged the Fed board to overrule Powell on future decisions and warned of future dissents from board members.

The combination of slowing job gains and rising inflation, however, make it harder for the Fed to respond without exacerbating either issue. Cutting interest rates can fuel economic activity to support job growth, but also risks fueling inflation. Keeping interest rates at moderately high levels can help snuff out inflation, but could hold back the job market.

“Persistent policy uncertainty, tariffs, and diminished immigration flows paralyzing employers, the US economy is now flirting with job losses, revealing a labor market that is much weaker than most Fed policymakers had believed,” wrote EY-Parthenon chief economist Gregory Daco in an analysis.

This dynamic, he said, now puts the Fed “behind the curve.”

Share and Follow
You May Also Like

Horror CCTV shows disturbing moment creep, 26, abducts girl, 3, from mall after parents took eyes of her while shopping

THIS is the horrifying moment a creep abducts a three-year-old girl from…

Breakthrough in hunt for Hitler’s gold with dig to begin for legendary £250m ‘Amber Room’ treasure stolen by Nazis

A BREAKTHROUGH may have been made in the hunt for Hitler’s legendary…

Apple faces steep tariffs

96 <!– *{box-sizing:border-box}body{margin:0;padding:0}a[x-apple-data-detectors]{color:inherit!important;text-decoration:inherit!important}#MessageViewBody a{color:inherit;text-decoration:none}p{line-height:inherit}.desktop_hide,.desktop_hide table{mso-hide:all;display:none;max-height:0;overflow:hidden}.image_block img+div{display:none}sub,sup{font-size:75%;line-height:0}#converted-body .list_block ol,#converted-body .list_block ul,.body [class~=x_list_block] ol,.body…

‘They crossed the line’ say locals after brazen tourists’ ‘disrespectful’ act caught on camera at ancient Greek site

A TOURIST has been slammed by locals for engaging in a “disrespectful”…

Fancy coffee shop swamped with protests after fed-up customer reveals she was charged for having croissant cut in half

A FANCY coffee shop in northern Italy has been swamped with protests…

NYC Shooter Leaves Apology Note Found in Las Vegas: ‘I’m Sorry’

An additional suicide note and antipsychotic medication belonging to Manhattan gunman Shane…

Presidential Fitness Test explained – Every activity schoolkids will have to complete as Donald Trump revives program

A SCHOOL tradition that once had students running one mile and doing…

Mom’s heartbreaking last act for kids before brutal murder with husband on remote hike as cops nab suspect Andrew McGann

THE last moves of the brave mom who saved her daughters before…