The U.S. economy is facing a significant downturn as job losses have soared, with revised data indicating a decline of 13,000 jobs in June 2025, a stark contrast to the previously reported addition of 147,000 jobs. This marks a cumulative downward revision of 1.1 million jobs since February 2022, raising alarms among economists and policymakers alike.
Recent adjustments to employment data show that net revisions for 2025 alone have accounted for a staggering loss of 482,000 jobs. This figure is roughly equivalent to the entire population of Atlanta, Georgia. The revisions began gaining traction in August 2024, when the Bureau of Labor Statistics (BLS) announced a reduction of 818,000 jobs in the 12-month job growth figure, the largest downward adjustment since 2008.
In June and May 2025, a combined total of 285,000 jobs were revised out of the reports, marking the largest negative two-month net revision in U.S. history outside of the 2020 pandemic period. Estimates suggest that upcoming revisions for the 12 months ending in March 2025 could range from a loss of 500,000 to as high as 950,000 jobs, with Goldman Sachs projecting the latter as the largest revision since 2010.
The implications of these revisions extend beyond mere numbers; confidence in U.S. economic data is waning. A recent poll indicated that 89% of economists believe the reliability of employment data poses a significant concern. As previously reported, the post-COVID expansion, which boasted over 60 consecutive months of payroll gains, has now come to an abrupt end. The uncertainty surrounding job data continues to challenge the Federal Reserve"s narrative of a "soft landing" for the economy amidst these troubling developments.
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