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- US employment falls by 818,000 in latest government revision
US employment falls by 818,000 in latest government revision
The Labor Market HAS been cooling for longer than expected
Want to know why the job search seems impossible? Yeah, they OVERESTIMATED jobs by 818,000.
The labor market has been cooling for a HECK of a lot longer. Last time a revision was this bad—2009.
Yeah, remember that year with the housing crisis? I do! It explains fully why 2024 has been a tough ride, and even 2023 because that’s when the sluggish market started creeping in.
We all knew it. Heck, I’ve been shouting about this since last year if you look back…
None of the numbers added up to what people were seeing, what I was hearing from job seekers, and HR leaders. It just didn’t match. The disconnect was real, and now it’s confirmed in black and white.
This massive revision just shows the cracks in the job market have been way deeper than they let on. And now, the Federal Reserve’s Jackson Hole Symposium on Friday? It’s suddenly a much bigger deal.
Powell’s got his hands full trying to juggle inflation and unemployment, and everyone’s watching. Sure, 818K isn’t a drop in the bucket when you think of how many are employed, but when you break it down, the signs were flashing bright red the whole time.
The job market feels impossible because it’s been worse than what we’ve been fed. Not cool. In case you’re wondering how this shakes out…
🔺 Professional and business services took the biggest hit with a revision down by 358,000 jobs.
🔺 Leisure & hospitality wasn’t far behind, losing 150,000 in the revision.
Honestly, this is just the start. The more they dig, the more it’s clear that the job market’s been on thin ice for a while.
The writing was on the wall, and now it’s practically slapping us in the face. If you’ve been struggling to find a job or wondering why it feels so tough out there, this is why.
The numbers were off, and now everyone’s scrambling to make sense of it.
Full article here: ⤵ 818K Payroll Revision
Amanda Goodall is an executive resume writer, leadership advisor, and strategic consultant with over two decades of transformative experience. As the founder of The Job Chick, Amanda has empowered over 25,000 clients worldwide to align their potential with the right career paths. Amanda’s expertise extends to strategic PR and media campaigns for Fortune 500 companies and developing innovative AI workforce technology.
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