BREAKING: Since the start of 2025, US jobs numbers have now been revised down in 16 out of 20 months by a total of -793,000 jobs.
This means that, on average, -39,650 jobs have been revised out of previously reported data each month during this period.
The most recent August and July jobs numbers were revised down by a total of -60,000.
Revisions to nonfarm payrolls have consistently occurred since the start of 2023.
If we apply this average to the +29,000 jobs add in September's report, it would imply a -10,650 contraction in nonfarm payrolls last month.
This would also mark their 3rd monthly decline of 2026, following a -156,000 drop in February and -10,000 in July.
What is happening here?