US July Payrolls Revised to -10K, August Cut to 133K

The revision matters less for the headline number than for what it does to the underlying narrative: a month that was previously reported as modest job growth is now outright contraction, and the combined downgrade suggests the earlier data overstated labor-market momentum. That shifts the burden of proof onto incoming data, since the Fed's read on whether the slowdown is broadening now rests on figures that have already proven unstable. The open question is whether this is a one-off benchmark quirk or the start of a more persistent downward pattern in revisions.