But the big shock comes in the latest revisions to payrolls, with previous estimates for both May and June being revised sharply lower. The Bureau of Labor Statistics now estimates that just 19,000 new jobs were created in May, 125,000 fewer than the 144,000 previously estimated. June’s data has been revised down too - showing that just 14,000 new jobs were created, not the 147,000 reported a month ago. That means 258,000 fewer jobs were created in May and June than previously thought. This surprisingly weak data may be a sign that Donald Trump’s trade wars, and the associated uncertainty, have cause more damage to the US economy than previously thought.
