<[link removed]>



Another day, another dump of really bleak jobs data



The U.S. economy added nearly 1 million fewer jobs over the past year than
initially estimated, the Bureau of Labor Statistics announced on Tuesday, a
downward revision that shows just how bleak the jobs market has become for
American workers.

According to the revised numbers, the U.S. economy added just 850,000 jobs
between March 2024 and March 2025—almost half as many as initially reported.

It's unclear from the report whether more of the downward revisions took
place in 2024 or 2025, after Donald Trump took office and enacted his
job-killing trade agenda.

But according to BLS data, the biggest correction came in the trade industry,
with wholesale trade and retail trade revised downward by more than 236,000
jobs.

This is just the latest negative economic news to drop in recent weeks.




 



No sugar-coating it: Daily Kos needs your help. Can you chip in $5 today?
<[link removed]
On Record&addr1=&city=Cedar Knolls&state=District of Columbia&phone=>

Donate $5
<[link removed]
On Record&addr1=&city=Cedar Knolls&state=District of Columbia&phone=>

 



On Sept. 5, the BLS reported that barely any jobs were added in August. What's
more, that same monthly jobs report revised June's data to show that the
economy actually lost jobs that month—the first monthly job contraction since
the COVID-19 pandemic.

Meanwhile, the BLS reported on Sept. 3 that as of July, there were more
unemployed workers than job openings—the first time that has happened since
2021, when the economy was recovering from the pandemic job crash.

Some top economists are painting the bleak labor market as a “labor
recession,” with job openings falling off a cliff. Moody's economist Mark Zandi
told Business Insider that if layoffs pick up, the “labor recession” will
spiral into a full-on recession.

"Everything is clinging tightly to the lip of the cliff," Zandi told Business
Insider. “We had 10 fingers on the edge of the cliff a couple months ago, we
now [have] seven fingers. A couple more fingers, and we're going, then we're
going over the edge.”





 



No billionaire backers, no paywalls. Daily Kos news exists because of YOU, our
donor community. Now, we need your help. Please donate today.
<[link removed]
On Record&addr1=&city=Cedar Knolls&state=District of Columbia&phone=>

Click here to donate $5 today
<[link removed]
On Record&addr1=&city=Cedar Knolls&state=District of Columbia&phone=>

 



Ultimately, the Trump administration is using the latest awful jobs data to
justify Trump's August decision to fire the BLS chief.

"It’s difficult to overstate how useless BLS data had become. A change was
necessary ton restore confidence," Vice President JD Vance wrote in a post on X.

However, economists say this is par for the course.

"This annual revision process is normal. The BLS does it every year. Last
August, the BLS reported -818,000 fewer jobs. Yes, these are large (negative)
revisions. Why? It’s mainly due to problems accounting for new/closed
businesses since the pandemic," Navy Federal Credit Union Chief Economist
Heather Long wrote in a post on X.



Click here to check out this story on DailyKos.com.
<[link removed]>




 



We're not asking for much



The average donation to Daily Kos has been just $9.44. These donations may
seem small, but they're a big deal to us. In fact, they are our largest source
of income. We literally couldn't do the work we do without them. Can you join
thousands of other Daily Kos readers and help us with a donation of $9.44 right
now?

Donate $9.44
<[link removed]
On Record&addr1=&city=Cedar Knolls&state=District of Columbia&phone=>



 



You received this email because you signed up for newsletters from Daily Kos.
To stop receiving this newsletter, unsubscribe
<[link removed]>
ormanage
<[link removed]
On Record&city=Cedar Knolls&state=District of Columbia&country=United
States&metadataCustom=testunsub> which newsletters you receive.