Massive jobs data revisions are coming: On September 9th, the BLS will release its preliminary benchmark revision to nonfarm payrolls for April 2024 through March 2025. Goldman Sachs estimates the revision could cut reported payrolls by 550,000 to 950,000 jobs. This implies payroll growth was overstated by a massive 45,000 to 80,000 jobs PER MONTH. If confirmed, it would mark the largest 12-month revision since 2010. This also follows an earlier 589,000 downward adjustment for the year ending March 2024. What is happening with the labor market data?(The Kobeissi Letter)