Just to put that in perspective it is less than a .05% revision. Which is not uncommon. What is amazing is that almost 1 million jobs is less than a .05% revision. That shows how strong the growth of jobs has been in the last 4 years.
Hereās a Sept 2022 headline:
Powell flat out stated that UNemployment would have to rise some, in order to stop the inflation.
{ In plain English, that means unemployment. The Fed forecasts the unemployment rate to rise to 4.4% next year, from 3.7% today ā a number that implies an additional 1.2 million people losing their jobs. }
The current ārevised down jobs numbersā fit Powellās Sept 2022 narrative. 
Powell is more likely to cut rates tomorrow, 23 Aug, and perhaps more likely to cut by 0.5.
Itās gonna be interesting to watch the media hysteria.
ralph
If we need more unemployment to curb inflation why is he lowering ratesā¦? So, whatās the perfect interest rate/employment/inflation number where at everything stays perfect? These people are crazy
It has been crazy times. But it does look like we are coming in for a soft landing. I have to give Powell props for that if he can do it.
Iām curious about this statement and number. 818,000 is less than 0.05% of what exactly?
Good question.
818K/0.0005 = 1.6 billion
The population of India is āonlyā 1.4 billion.
DB2
Of course. Canāt ask the āJCsā to accept a slightly smaller profit margin. That would be ācommunistical big gummitā. Therefore the option preferred by the money interests the Fed represents is making people fearful of losing their job, so pay rates can be cut.
Steve
From the article posted by Divitias.
The report reveals that job creation in the U.S. for the 12 months ending in March was 0.5% lower than previously estimated.
I saw a similar quote earlier in a news story, I forget where. But it was 0.5%, not 0.05%, and I believe itās the amount of the revision vis a vis the total working population.
Something is not quite right in that math. If about 1 million jobs is 0.05%, then about 100 million jobs would be 5%, which would indicate a total job count around 2 billion.
I know moonlighting is a thing ā I did it myself for years ā but I donāt think there are that many more jobs than working aged people in the US.
Regards,
-Chuck
Right I misquoted the article. The actual number in the article was .5%. I apologize.
It is 0.5%. Given a total US workforce of ~160-million, 1.6-million is 1%. 0.5% = 800k. So 818k is about 0.5% (roughly).