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Markets are skittish regardless, with a rate cut on the table for September and lingering worries that the Federal Reserve has waited too long to start that process.

Markets shrug downward after jobs revision

The U.S. economy created 818,000 fewer jobs than initially reported over the prior 12 months, according to a preliminary data revision from the Bureau of Labor Statistics this morning.

That update pushes the unemployment rate higher by about half a percentage point. But markets appeared to take the news in stride this morning, and the Biden administration defended the labor economy’s strength.

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