Revisions are normal, although 800k is fairly high. Most of this scale are usually 200k-300k, though in 2019 we had a revision of ~500k.
Very high. Largest since -824,000 in 2009. "Great recession" and all that.
You can decide for yourself if the initial numbers may have been intentionally over-reported to enable media outlets to publish articles and op-eds about how great the economy is under certain politicians, and then have the "correction" in fine print months later, where very few people will notice.
The adjustment was less than 1% on data that is always adjusted as far as I can tell. Pre-Covid the adjustment in this story, https://www.marketwatch.com/story/us-created-500000-fewer-jo..., was 500k jobs.
Given the history of this type of figure and reporting I don’t buy that argument at all. The correction is everywhere today, on all the news networks just as it has been in the past.
As far as 1%, nobody cares about the total number of jobs, the only thing that matters is the number added or lost. This revision corrects about a 40% overstatement over the latest full year of monthly reports.
This is news for one day. A booming economy, massive job growth, etc has been the reporting for over a year. Do you expect the President to return to the convention and correct his own speech from Monday?