Revisions are a normal part of high frequency data. Constant, near-exclusive downward revisions are not. Rewrites should be more evenly distributed which means these stats are overstating the economy. Plus, the problem is spreading hitting retail sales and IP as well as payrolls. While everyone went nuts over retail sales, the problem with July's number isn't just the likely downward revision.
Eurodollar University's conversation w/Steve Van Metre
Bloomberg Fed’s Goolsbee Says He’s Growing More Concerned About Employment
https://www.bloomberg.com/news/articles/2024-08-14/fed-s-goolsbee-says-he-s-growing-more-concerned-about-employment
Bloomberg Manufacturers Axe Products as a Factory Slowdown Lingers
https://www.bloomberg.com/news/newsletters/2024-08-16/rockwell-rok-xylem-xyl-axe-products-as-factory-slowdown-deepens
https://www.eurodollar.university
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