Recent revisions to U.S. employment data have revealed substantial downward adjustments, with May and June 2025 job numbers revised down by a combined 258,000, marking the second-largest downward revision in over 45 years. For 2025, total job number revisions have decreased by 461,000, following a 625,000 downward revision in 2024. Quarterly Census of Employment and Wages (QCEW) data suggest that non-farm payrolls were overstated by approximately 88,888 jobs per month during the nine-month period ending December 2024, with total revisions nearing 800,000. Federal Reserve officials, including Governors Lisa Cook and Collins, have expressed concern over the July jobs report and emphasized the importance of understanding economic uncertainty, particularly its impact on long-term investment, price setting, and financial stability. Cook described the July employment data as "concerning" and indicative of a possible economic inflection point, while Collins highlighted the need for holistic data analysis to measure uncertainty and noted that uncertainty might accelerate certain economic activities. Fed President Bostic commented on the large job revisions, describing them as evidence of churn and turbulence in the economy, and noted the challenges tariffs pose to businesses, especially small firms facing narrower supply chains and difficulties managing import taxes without raising prices. Bostic also indicated that the evolving rollout of tariffs could prolong their economic impact well into next year. Treasury Secretary Bessent stated that President Donald Trump has indicated he will not fire Federal Reserve Chair Jerome Powell, despite the concerning jobs data and calls for potential Fed rate cuts. Additionally, concerns have been raised about the declining quality of U.S. economic data, with reports indicating that about 35% of Consumer Price Index (CPI) price quotes are now estimated based on assumptions rather than actual prices, compared to a usual 10%. This decline in data quality has added to uncertainties surrounding economic assessments.