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BLS revises July and August payroll gains down by 60,000

The revision cuts July’s net jobs estimate from a 21,000 gain to a 10,000 loss, while August falls from 162,000 to 133,000.

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The US Bureau of Labor Statistics revised July and August payroll gains down by 60,000 as of Oct. 2, weakening the labor-based case for another Federal Reserve rate hike, according to CryptoSlate.

The September employment report showed payroll growth of 29,000. July’s estimate was flipped from 21,000 jobs added to 10,000 lost, and August’s estimate was lowered from 162,000 to 133,000, the outlet said.

CryptoSlate also noted that average hourly earnings for all employees on private nonfarm payrolls rose 0.1% month over month and 3.0% year over year for the period referenced, compared with originally reported figures of 0.3% and 3.1% for August.

The revisions come after the Fed’s Sept. 16 quarter-point hike to a 3.75%–4% target range, and CryptoSlate said the softer payroll picture gives policymakers a less supportive signal for tightening even as inflation remains a reason to consider further action.

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