Employment

Revisions to macroeconomic data happen. Frequently. To almost all major releases, not just nonfarm payroll employment. Sometimes those revisions are large, and they are often largest at critical inflection points in the business cycle. Some of the largest revisions to employment and GDP transpired around the 2007-09 Great Recession, where

The Fed will be able to lean on the still-low unemployment rate as a reason for them to hold of making any decisions about interest rates, but the outlook for the labor market is not great.