Part 3/10:
This downward revision, the largest on record, underscores persistent vulnerabilities within the economy. Sectors like information, wholesale trade, and leisure and hospitality suffered significant job losses, while manufacturing and federal government sectors are now actively shedding jobs. Meanwhile, full-time employment remains stagnant, and only healthcare continues to see reliable gains.
Interestingly, despite evidence of deteriorating employment conditions, broader economic indicators present a mixed picture. GDP growth is still projected at around 3% annually for the third quarter, and weekly jobless claims remain relatively low. Consumer spending has declined but has not yet plummeted, adding to the sense of conflicting signals.