JP MORGAN CHASE(US:JPM) Yang Shi Wang·2025-09-11 06:21Group 1 - The U.S. significantly revised down its annual non-farm employment data, with a reduction of 910,000 jobs compared to initial estimates, marking the largest downward revision since 2000 [3] - The average monthly job addition was adjusted from 147,000 to approximately 70,000, indicating a more sluggish job market than previously reported [3] - The largest downward revisions occurred in the leisure and hospitality, professional and business services, and retail sectors, each losing over 100,000 jobs, suggesting a contraction in consumer spending [5] Group 2 - Analysts attribute the discrepancies in employment data to flaws in the "birth-death model" used by the Bureau of Labor Statistics, which failed to accurately reflect the rapid changes in new and old businesses post-COVID-19 [3] - Following the release of the revised employment data, the probability of a 25 basis point rate cut by the Federal Reserve in September increased from approximately 89% to nearly 94% [7] - Jamie Dimon, CEO of JPMorgan, indicated that the bank had already anticipated a weakening U.S. economy prior to the data release [7]