The downward revision of 818,000 is indeed a large number. This is the largest downward revision since 2009. The elasticity and resilience of the economy seem like a joke in the face of the downward revision of employment data. Of course, the Federal Reserve is also helpless. They also look at this data.

Next, we will see Powell’s speech at the Jackson Hole Annual Meeting. It is estimated that he will also mention the downward revision of employment data. The interest rate cut in September is 100%, and the probability of the dot plot recovering three times is very high.