Every month, the government overestimates the job numbers and has to revise them downward months later.

Every 2023 jobs report has been revised significantly lower. Seven downward revisions in a row is not a mistake. The labor department has been consistently overestimating job growth.

For example, the June payrolls originally reported 209,000, but the June payrolls revised one month later became 185,000. June payrolls two months later became 105,000.

These revisions had a huge cumulative effect, with at least a 355,000 overestimation and over 300,000 from the preliminary benchmark, meaning a total downward revision of 661,000. That’s 30% of all the jobs we thought we added this year.

August’s numbers will likely be revised down. The media fails to report the sleight of hand.

Housing data has been revised downward.