BREAKING: US jobs numbers have now been revised lower in 21 out of the last 30 months by a total of -1.05 million jobs.
This means an average of -35,067 jobs have been revised out of previously reported data each month over this period.
June and May jobs numbers alone were revised down by a total of -103,000, the largest 2-month downward revision since July 2025.
This comes as June jobs were revised down by -37,000, to +20,000, while May jobs were revised down by -66,000, to +63,000.
The May jobs figure was revised down for the 2nd time, following a -43,000 downward revision last month from the initially reported +172,000 jobs.
If these revisions continue, June jobs could be revised into negative territory next month, which, combined with July’s already reported -23,000 job loss, would mark the 2nd consecutive monthly decline in jobs, the first such occurrence since the 2020 pandemic.
Job market revisions are alarming.
BREAKING: US jobs numbers have now been revised lower in 21 out of the last 30 months by a total of -1.05 million jobs.
This means an average of -35,067 jobs have been revised out of previously reported data each month over this period.
June and May jobs numbers alone were… pic.twitter.com/K2ZnWEJevh
— The Kobeissi Letter (@KobeissiLetter) August 11, 2026