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Frank Bültge
EN/DE

The Correction

The jobs number you reacted to was inflated — and is quietly cut, by the million.

1.25M

jobs erased. In June 2025 the US first reported 159.7 million jobs. It has since been revised down to 158.5 million.

Monthly revision of employment (first report → correction)

Below the line = later corrected downward. 2023-04 – 2026-03.

100%

of the last 24 months were revised downward. Official employment was systematically too high — the real-time number markets and politics reacted to was a provisional one.

There is no final number

Employment is "benchmarked" against tax records each year — the June 2025 figure lost −1,246,000 jobs in the process. The number you read was never final.