00:00The U.S. just admitted it overstated job growth by 911,000, the biggest payroll revision in history.
00:07For over a year, we've been told that the labor market was adding on average 147,000 jobs a month.
00:13Turns out it was only 71,000.
00:16That's nearly half the growth we were told.
00:18Every major sector took a hit.
00:20Retail slashed by 126,000 jobs.
00:23Hospitality down 176,000 jobs.
00:26Manufacturing cut 95,000.
00:28And even professional services lost 158,000.
00:31Only transportation and utilities showed slight gains.
00:35Wall Street reacted fast, the S&P dropped, and now traders are expecting a Fed rate cut come this fall.
00:41This revision is larger than what we saw during the great financial crisis.
00:45Do you think this is the ultimate proof that the economy is already in trouble?
00:49Drop your thoughts and follow Benzinga for more real-time news.
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