'Increasingly Difficult to Read With Confidence': Market Watcher Says on US Jobs Data After 3rd Downward Revision
Market commentator The Kobeissi Letter has raised fresh concerns about the U.S. labor market, pointing to repeated downward revisions in job-opening data.
In a post on X on Sunday, Kobeissi Letter asked, "What is happening with the US job market?" They highlighted a 177,000 downward revision to June job openings, calling it the largest monthly downward revision since November 2025. They said the revision also marked the third consecutive monthly downward revision.
Kobeissi further pointed to revisions across other labor-market measures. The market watcher said June hires were revised down by 16,000, quits were revised lower by 19,000, while layoffs and discharges were revised up by 19,000.
The tweet also highlighted a broader pattern, saying job openings have now been revised lower in 38 of the past 43 months. "US labor market data is becoming increasingly difficult to read with confidence," They said in the post.
What The Data Shows
The revisions Kobeissi cited came from the Bureau of Labor Statistics’ July Job Openings and Labor Turnover Survey, released Sept. 1. The BLS confirmed that June job openings were revised down by 177,000 to about 7.2 million. It also confirmed the downward revisions to June hires and quits and the upward revision to layoffs and discharges.
July’s JOLTS report showed job openings at 7.271 million, while hires fell to 5.054 million. The combination points to a labor market where vacancies remain elevated but hiring activity has weakened.
A Mixed Labor Market
The revisions add another layer to an already uneven labor market. Previous data showed July nonfarm payrolls unexpectedly contracting by 23,000, while layoffs remained relatively contained.
Heather Long, chief economist at Navy Federal Credit Union, described the labor market as a "low-fire, low-hire" environment, saying companies are growing cautious as the war in Iran drags on and borrowing costs have spiked.
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