Overall, the jobs report was pretty good. 163K was well ahead of the 100K that was expected.But there was one dark spot.
No, we’re not talking about the 8.3% unemployment rate.
The more ominous story was the downward revision to last month.
Last month’s weak 80k number was revised down to an even weaker 64K.
Revisions are crucial to watch, since they tend to reflect whether data is up to date with current events or behind.
Right now this suggests that the BLS is behind the weakness in the economy. That’s not good.