A slight correction, from same insider type: I looked at this again and realized I made a mistake in the first side note
(even us veteran number-crunchers occasionally get swallowed up by the
numbers). The net effect of the revisions is 8,000 jobs, but it doesn’t add
that to the total number of jobs. Bottom line was the total number of jobs
estimated for August dropped by 4,000 after the first revision. And that
estimate is likely to change again next month.
My point really was that when people see the number of jobs added in August
was revised down from 144K to 128K, they think the economy must have lost
16,000 jobs which was not the case. This is one of the reasons I cringe
whenever I see economic data reported in the press.