"It's not like there's going to be a recession ... right?"
"prepared-for-anything"
"economy is weakening."
"Whether that is on the way to recession or just weakening I don't know-that just confirms what we already thought kind of. That's a big revision."
The Bureau of Labor Statistics recalibrated payroll reporting for the year ending March 25, lowering payrolls by roughly 991,000 jobs. The magnitude of the alteration exceeded many forecasts and was larger than some major banks had expected. The downward revision signals a weakening labor market while more recent economic indicators make a recession less likely. The revision strengthens the policy case for Federal Reserve interest-rate cuts. Survey response rates to BLS data collection have declined, and small percentage shifts can produce large swings given the size of the U.S. labor force. Markets showed limited immediate panic following the release.
Read at Fortune
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