Just to clarify by downward you mean revised downward in the emotionally negative sense not the actual number shrinking right? If I can recall they have been increasing the numbers largely with each revision.
I think the fed takes this into account for what it’s worth, and have a sense of how much to emphasize the data. I might trust them too much but only time will tell on that!
sj_zero 1 week ago
The job numbers have been revised in a downward direction pretty consistently[1]. The year over year numbers from the BLS were revised massively downwards a few weeks ago, by 800,000 jobs.[2]
[1] https://www.msn.com/en-us/money/careers/the-biden-admin-has-overcounted-new-jobs-almost-every-single-month-this-year/ar-AA1jlasf
[2] https://www.cnbc.com/2024/08/21/nonfarm-payroll-growth-revised-down-by-818000-labor-department-says.html
dubya43@lemmy.world 1 week ago
Ah I see, I’m confusing unemployment rate with the jobs top line figure. Thank you.