US Jobs Revised Down in 21 of Last 30 Months, Totaling 1.05 Million Lost
US employment data has been revised lower in 21 of the past 30 months, erasing 1.05 million previously reported jobs. The combined May–June revision was the largest two-month cut since July 2025.
Nonfarm payrolls have been revised downward in 21 of the last 30 months, removing a total of 1.05 million jobs from earlier estimates. That equates to an average reduction of 35,067 jobs per month over the period.
The June figure was revised down by 37,000 to just +20,000, while May was cut by 66,000 to +63,000. Together, the two-month revision of -103,000 marks the largest such adjustment since July 2025. May’s number has now been revised lower twice, following a -43,000 cut last month from the initially reported +172,000.
If the pattern persists, June could be revised into negative territory next month. Combined with July’s already reported loss of 23,000 jobs, that would mark the first back-to-back monthly declines since the 2020 pandemic. The revisions raise concerns about the underlying strength of the labor market.
Source: The Kobeissi Letter