00:00It's Benzinga bringing Wall Street to Main Street.
00:02Newly revised Bureau of Labor Statistics data showed weaker June labor market conditions
00:07than initially reported, according to Benzinga. June layoffs and discharges were revised up by
00:1219,000 to 1.8 million, while hires were revised down by 16,000 to 5.3 million. Job openings
00:19were
00:19revised down by 177,000 to 7.2 million, the largest monthly downward revision since November
00:262025, according to the COBE-EC letter. Quits were also revised lower by 19,000 to 3.2 million.
00:33Preliminary July data showed job openings little changed at 7.3 million, while hires and total
00:39separations held at 5.1 million. LPL Financial Chief Economist Jeffrey Roach said third quarter
00:46economic growth will likely reach 2%, while unemployment remains near 4.2%. Job openings
00:53have been revised lower in 38 of the last 43 months, showing a persistent pattern of downward
00:59adjustments to government labor data. The BLS says revisions reflect additional reports and
01:05seasonal recalculations, while COBE-EC argues the pattern makes the labor market harder to
01:11assess with confidence. For all things money, visit Benzinga.com.
