Revisions Reconcile Strong Job Numbers and Weak GDP Growth

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The U.S. economy may be stronger than it seems. Two important revisions were released this week that shed light on the apparent disconnect between the labor market and the rest of the economy. First, the preliminary benchmark revisions to the jobs report. Then, the second estimate of Q2 GDP growth was released.

These estimates were closely watched by many because, prior to this week, there was a profound disconnect between the establishment employment survey (also known as the monthly jobs report) and the lackluster GDP growth of the U.S. economy. How can the GDP be declining while the labor market

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