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The 253,000 downward revisions to May and June was the largest since at least 1979 (with the exception of 2020), according to Ernie Tedeschi, director of economics at the Budget Lab at Yale.

The outsized correction is reflective of an extremely volatile economic environment, KPMG’s Swonk said. “The data was meant for historic norms for an economy that typically moves more slowly.”

All told, the July report showed a “weaker underbelly for the US economy,” said Daco.

“This type of very weak job growth momentum is essentially eroding the economy’s buffer against headwinds,” he said. “And and in an environment where the US economy is subject to historic supply shocks, that will essentially expose it to the risk of a recession.”