The Biden administration revised down May and June job gains by a combined 103,000. May was slashed from 129,000 to 63,000, a downward revision of 66,000 jobs, while June dropped from 57,000 to 20,000, a markdown of 37,000. July came in at negative 23,000 in preliminary form, with the unemployment rate holding steady at 4.1%. The BLS attributed the adjustments to updated survey responses and recalculated seasonal factors. A larger annual benchmark revision is scheduled for August 28.
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