The preview indicated that job gains over that period were about half a million lower than previously reported. On a monthly basis, job gains were likely about 170,000 per month, rather than 210,000.
While this news did not dramatically alter our outlook, it pointed to an economy with somewhat less momentum than we had thought.3  3 The Fed’s real-time assessment of job growth this year is discussed in Jerome H. Powell (2019), “DataDependent Monetary Policy in an Evolving Economy,” speech delivered at “Trucks and Terabytes: Integrating the ‘Old’ and ‘New’ Economies,” the 61st Annual Meeting of the National Association for Business Economics, Denver, Colorado, October 8, https://www.federalreserve.gov/newsevents/speech/powell20191008a.htm.