Forex
Biden Admin's Jobs Report Gets Downgraded by 103,000
The Biden administration's latest jobs report has been revised downward by 103,000, according to data released by the U.S. Bureau of Labor Statistics on August 7. This revision affects the numbers for May and June, which were initially reported as 129,000 and 57,000 respectively.
The adjustment was made due to updated survey responses and recalculated seasonal factors. May's nonfarm payroll gain was reduced from an initial estimate of 129,000 to just 63,000, a downward revision of 66,000 jobs.
The July employment report showed a slight decrease of negative 23,000 in preliminary form, with the unemployment rate remaining steady at 4.1%. The BLS attributed these changes to more complete data flowing in after initial estimates were made.