Why Jobs Numbers Were Revised Sharply Downward for June, May
The Labor Department lowered its payroll count for May and June by a combined 258,000 jobs. The last time there was such a large revision to the change in employment over the prior two months was in April 2020 – the height of the pandemic. Worryingly, revisions have been consistently negative in 2025, with the Labor Department lowering its initially reported job count every month through June.
Renaissance Macro Research economist Neil Dutta labeled the revisions 'unseemly,' noting that revisions 'tend to be cyclical, amplifying the underlying trends in the economy. In good times, revisions are positive and in bad times, revisions are negative.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Wall Street Journal
30 minutes ago
- Wall Street Journal
Vestas Wind Systems Confirms Guidance Despite Drop in Orders
Vestas Wind Systems VWS 4.71%increase; green up pointing triangle backed its full-year guidance though its quarterly order intake tumbled due to policy uncertainty. The Danish wind-turbine maker said order intake in the second quarter fell 44% to around 2 gigawatts as customers awaited clarity over future wind-energy policy. This was particularly evident in the U.S., Vestas said. The Trump administration has repeatedly criticized wind-energy and has taken steps to halt or delay projects.
Bloomberg
30 minutes ago
- Bloomberg
Musk Loses Court Bid to Dismiss OpenAI's Harassment Claim
Elon Musk must face claims by OpenAI that his attacks on the startup in court and in the media amount to a 'years-long harassment campaign,' a federal judge ruled. US District Judge Yvonne Gonzalez Rogers on Tuesday refused a request by the world's richest person to brush aside allegations that he has weaponized legal claims, social media posts and statements in the press to try to sabotage OpenAI's success — all to gain advantage for his own generative artificial intelligence startup, xAI.
Yahoo
31 minutes ago
- Yahoo
State College area restaurant temporarily closed after vehicle crashes into dining room
A State College area restaurant remains temporarily closed after a vehicle crashed into its dining room early Tuesday morning, causing the owners to joke that a new drive-thru doesn't seem like a good fit. Bonfire Old Fashioned BBQ, located about a mile from Nittany Mall, was forced to close its doors Tuesday after a car wrecked through the front of its brick building around 2 a.m. The College Township restaurant posted photos of the crash on its Facebook account, showing a dining room filled with knocked-over tables and chairs next to piles of bricks. The vehicle appeared to be in one piece. But the front-right wheel was missing, based on photos. No one was in the restaurant at the time of the crash, a co-owner told the Centre Daily Times. The driver also did not suffer serious injuries and is not under suspicion of operating the vehicle under the influence of drugs or alcohol, according to State College police. 'They just lost control,' Lt. Ted Hubler told the CDT. 'The investigation is ongoing.' Andrea Murray, one of the co-owners, said the restaurant will remain closed until it receives approval to reopen from the food inspector, county code enforcement and others. So, for now, that means the restaurant remains closed for both takeout and dining in. No immediate timeline for reopening was available. But Murray said updates would be posted on their Facebook page, and they hoped to offer a tentative idea of their reopening later Tuesday. 'Right now, we're just worried about cleaning up,' Murray added. According to Murray, worried customers have been calling the business since 6 a.m. — and Murray has been dilligently answering the phone to respond to whatever questions she can. She said longtime customers have been stopping throughout the day to check on the business, and that's meant a lot. 'Everyone's been reaching out, and we all appreciate everyone asking if we're all right,' Murray said. 'Definitely makes it feel like Bonfire's a family. And I really appreciate my Bonfire family.' Updates to the status of Bonfire Old Fashioned BBQ (2609 E. College Ave.) can be found at Solve the daily Crossword
