Biggest Job Revisions Since 2020 Expose Pitfall of Economic Data

The latest employment report showed the steepest downward revisions to US jobs growth since the pandemic, offering a dramatically different picture of the labor market in recent months.

The Bureau of Labor Statistics marked down nonfarm payrolls by nearly 260,000 in May and June combined, according to the July employment report released Friday. The two-month revision was due in part to seasonal adjustment issues but also what economists say is a broader trend of low response rates.