The recently updated January jobs report indicates a downward revision, revealing that only 229,000 jobs were added instead of the initially reported 353,000—an adjustment of 129,000 fewer jobs.
This pattern extends over the last 12 months, with 10 months experiencing downward revisions in their job numbers. Notably, November 2023's job figure dropped from 199,000 to 173,000, and October's report was revised down from 150,000 to 105,000. September saw a decrease of 74,000 jobs.
The trend of substantial job revisions has become anticipated, overshadowing initial "beats" with the realization that many turn out to be significant misses after revisions. Despite this, the impact tends to fade from memory as each month passes. What could be driving this consistent downward adjustment in job data?
This pattern extends over the last 12 months, with 10 months experiencing downward revisions in their job numbers. Notably, November 2023's job figure dropped from 199,000 to 173,000, and October's report was revised down from 150,000 to 105,000. September saw a decrease of 74,000 jobs.
The trend of substantial job revisions has become anticipated, overshadowing initial "beats" with the realization that many turn out to be significant misses after revisions. Despite this, the impact tends to fade from memory as each month passes. What could be driving this consistent downward adjustment in job data?