The biggest issue is that the model for births/deaths of employers was wrong and over-estimating the number of employers. This accounted for about half the revi

The biggest issue is that the model for births/deaths of employers was wrong and over-estimating the number of employers. This accounted for about half the revision. https://www.atlantafed.org/-/media/documents/research/publications/policy-hub/2024/08/12/06--what-accounts-for-growing-divergence-between-employment-measures.pdf https://www.atlantafed.org/-/media/documents/research/public... This also means that the other side of the Jobs Report, the household survey, or CPS, is undercounting employment by ~3 million, but that one never gets revised.