The downward revisions to US payrolls announced on Friday suggest that the US economy was weaker than generally perceived in Q2 and more in line with the picture we painted last quarter Revisions to US jobs figures are common, but these were unusually large Revisions tend to be pro-cyclical, suggesting that the economy is currently in a weak spot; of the 10 largest downward revisions before this, only one (February 2024) did not happen either during, or shortly before, an