US Jobs Revised Down 14 of 17 Months Since 2025, Total -710K
US employment data has been revised lower in 14 out of 17 months since the start of 2025, totaling a downward adjustment of 710,000 jobs. The latest two-month revision (April and May) was the largest since December.
Since January 2025, US nonfarm payrolls have been revised down in 14 out of 17 months, amounting to a cumulative reduction of 710,000 jobs, according to data cited by The Kobeissi Letter.
The most recent revisions cover April and May 2025: April was cut by 31,000 to +148,000, and May by 43,000 to +129,000. The combined 74,000 downward revision marks the largest two-month drop since December.
On average, each month in this period has seen 41,765 jobs revised out of previously reported figures. If that average is applied to the preliminary June figure of +57,000, it would imply only about 15,000 jobs were actually added last month.
These persistent downward adjustments raise concerns about the underlying strength of the labor market.
Source: The Kobeissi Letter